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USA: vacancies have grown again
The report on vacancies in the United States for April recorded an increase in open vacancies to 10.1 million, the data for March was also revised up. Although, in general, the situation on vacancies indicates a further decline, but it is not happening so quickly, and the market remains very overheated. There were 1.8 open vacancies per 1 unemployed person in April, i.e. the excess is still very large. All the growth occurred in the private sector (430 thousand), the public sector recorded a reduction in vacancies.
Surveys of small businesses confirm this situation – the majority of companies claim a significant amount of open vacancies. Compensation in the small business sector is also growing, but here the indicators have decreased. In general, there is no way to say that the labor market has come out of the overheating phase, weekly applications for unemployment benefits are still at a fairly low level below 250 thousand. The total number of benefits is 1.8 million, which also does not yet indicate any significant changes in the labor market. There are a number of signals for a slowdown in wage growth, but the growth rates themselves remain much higher than the Fed would like to see.
In general, while the labor market does not allow the Fed to relax…
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