Can job vacancies fall without an increase in unemployment?

June 4th, 2022

By Alex Domash and Lawrence H. Summers

Despite recent hikes in the fed funds rate, the U.S. labor market continues to be extraordinarily tight. In April, the job openings rate remained elevated at 7.0 percent, workers continued to quit at a historic rate of 2.9 percent, and wage growth sustained its rapid pace well above 6 percent (according to the Atlanta Wage Tracker). The consensus view among the Fed and other economists is that the labor market is unsustainably hot.  READ THE FULL POST