NAM: Job Openings (CONT’D FROM PAGE 6)
Manufacturing job openings jumped to another record high, from 880,000 in June to 889,000 in July. In the larg- er economy, nonfarm business job openings rose from 10,185,000 in June to 10,934,000 in July, a new record. In July, there were 8,702,000 unemployed Americans, which translates to 0.80 unemployed workers for every one job opening in the U.S. economy. That speaks to the tightness of the labor market, with more job openings than people looking for work. Initial unemployment claims fell to another post-pandemic low, down from 345,000 for the week ending August 28 to 310,000 for the week ending September 4. Producer prices for final demand goods and services rose 0.7 percent in August, the slowest monthly gain since May but still a strong figure. Over the past 12 months, pro- ducer prices for final demand goods and services jumped 8.3 percent, the biggest increase on record. Meanwhile, core producer prices increased a record 6.3 percent year- over-year. While raw material costs are likely to stabilize somewhat over the coming months and into the new year, there will also likely be some pricing pressures that will not abate, particularly given the rebounding of the economy. That has put pressure on the Federal Reserve’s Open Market Committee, which may start the process of taper- ing asset purchases. Even then, monetary policy will con- tinue to be highly stimulative for the foreseeable future.
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