Home Business Fed’s Infighting Shows It Lacks Answers About Inflation

Fed’s Infighting Shows It Lacks Answers About Inflation

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Yes, the shocks from the Covid-19 pandemic have made parsing economic data trickier than ever. But the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, shows that the quits rate remains near a record high at 2.7%. The number of job openings in the U.S. exceeded hires by 4.3 million in July, the most in data going back to 2000. Employees clearly hold the cards — anecdotes abound about businesses scrambling to offer higher wages and one-time bonuses, laying the foundation for the disparity between new employees and existing workers that Rudd highlighted. For now, this is a welcome change, given the power dynamics have favored employers over the past few decades.

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