Ford School economics professor Betsey Stevenson has been commenting on the many confusions hitting the economy, given worries about inflation and recession, Fed interest rate hikes, and a shifting labor market.
When the Job Openings and Labor Turnover Survey was released at the end of August, it showed that job openings increased in July to 11.2 million, which was not exactly what economists were expecting.
“It is absolutely reasonable to be confused,” Stevenson told Marketplace. And more jobs are good for workers. “It has been a time of unprecedented opportunity for people to find the right job for them,” Stevenson said.
The Washington Post reported that, “mixed messages about the economy are making it difficult for business owners to figure out how to proceed.” Stevenson commented, “Businesses are slowing down, but what matters here is: By what magnitude? We want businesses to take out fewer loans, but how many fewer loans? That’s what the Fed is trying to get right by raising rates just the right amount.”
Job openings rise unexpectedly. Is that a big deal?, Marketplace, August 30, 2022
Delayed raises and renovations: Small businesses face new uncertainties, The Washington Post, August 15, 2022