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Significance
However, interest-rate-sensitive sectors such as home improvement are suffering the largest sales declines, according to weekly credit-card spending data. Housing prices also are falling, although at a slower pace. Weekly online job postings have been flat for a year.
Impacts
Usual job market metrics overstate hiring problems as many new hires are from outside the reported workforce and are omitted from surveys.
High openings and hire rates are partly due to staff turnover as demand shifts across sectors and employers hike wages to attract workers.
The tight job market will keep job poaching high as workers move from job to job, rather than favouring the pool of unemployed job seekers.
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2023
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