America's employers added a sizzling 517,000 jobs in January , a surprisingly strong gain in the face of the Federal Reserve's aggressive drive to slow growth and tame inflation with higher interest rates.
, inflation remains far above the Fed’s 2% target, which is why the central bank’s policymakers have reiterated their intent to keep raising borrowing rates for at least a few more months.The Fed is aiming to achieve a “soft landing” — a pullback in the economy that is just enough to tame high inflation without triggering a recession. The policymakers hope that employers can slow wage increases and inflationary pressures by reducing job openings but not necessarily by laying off many employees.
For more specialized workers like butchers and bakers, hourly starting wages are $25 to $30. That has helped the chain attract about 10 to 12 applicants per job posting, the same level as before the pandemic. Earlier, the chain had been receiving as few as seven applicants per posting. Centura Health, a nonprofit that runs hospitals and clinics in Colorado and Kansas, has offered $15,000 “retention” bonuses to retain nurses, respiratory therapists and others for 24 months; 2,500 have accepted the offer. And for employees who perform routine but vital tasks such as changing sheets and delivering meals to patients, Centura has raised entry-level hourly pay as high as $18.
Sebastien Girard, who holds the title of “chief people officer,” said Centura has about 1,500 job openings each month. The market for clinical staff such as doctors, nurses and radiologists remains extraordinarily tight, he said, though it’s eased a bit recently for others.
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