Federal Reserve embraces this week’s Bureau of Labor Statistics reports
CAPE GIRARDEAU, Mo. (KBSI) – Multiple reports from the Bureau of Labor Statistics were published this week.
And the result…at least for one report… is just what the Federal Reserve had envisioned.
“So this is the report that the federal reserve wanted to see,” said Dr. Kevin Sylwester, economics professor at Southern Illinois University.
The Bureau of Labor Statistics reports in the monthly job openings and labor turnover summary that little has changed in November, as 10.5 million job openings held nearly firm through the final day of the month.
Sylwester shows us what the Federal Reserve is concerned about when it comes to jobs.
“The Federal Reserve is concerned about inflation increasing and has been raising interest rates to try to bring it down,” said Sylwester.
Sylwester says although unemployment numbers are low, it is the gains that make a difference.
“Well, if we’re going to see any slowdown in economy which is what the federal reserve is trying to do through higher interest rates, we would probably see a lower pace of job gains, before we would see the unemployment rates really go up,” said Dr. David Yaskewich, economics professor at Southeast Missouri State University.
For the month, the number of hires and total separations changed very little, at 6.1 million and 5.9 million, respectively.
“Historically speaking, we have a strong labor market, that could be described as tight. Where there is a high level of demand relative to the supply of workers,” concluded Yaskewich.