Job Openings Drop to the Lowest Level in Over a Year

Job openings in the US have unexpectedly plunged as the Biden recession is taking hold. The number of Americans quitting their jobs rose to 4.2 million or about 2.7 percent of the entire workforce. That's below the high of 4.5 million recorded earlier this year. Jerome Powell, the Fed chair, conceded higher rates could give rise to increases in unemployment. We think we need to have softer labor market conditions. I wish there was a painless way to do that.