More bad news on the labor front today as the Department of Labor reports U.S. job openings fell in April, the most in nearly four years. The number of open positions plunged by 325,000, which was the biggest decline since September 2008.
According to the BLS, job openings ‚??decreased for total nonfarm, total private, and government as well as in manufacturing, professional and business services, and state and local government.‚?Ě
We have less hiring and more firing and layoffs (defined by the report as ‚??separations‚?Ě).
Meanwhile, the stock market was flying high Tuesday as the Federal Reserve begins a two-day meeting. Investors hope the Fed will decide to open the stimulus facet to help boost the economy — or so experts keep telling us. And with continuing bad news on growth, housing, labor markets and the economic¬†stress of Europe in the background, the chances of the Fed acting are surely increasing.
On¬†‚??Face the Nation‚?Ě Sunday, presidential candidate Mitt Romney said that QE1 and QE2 did not work as intended and ¬†‚??was not extraordinarily harmful, but it does put in question the future value of the dollar and it will obviously encourage some inflation.‚?Ě
The dollar fell across the board on Tuesday on expectations the Federal Reserve may ease monetary policy further after a series of disappointing economic data.
Analysts expect the Fed to extend its long-term bond-buying through Operation Twist by a few months from the current deadline of June. The Fed’s rate-setting committee starts its two-day meeting on Tuesday.
(In Operation Twist, the Fed sells short-term Treasury bonds and buys long-term bonds to pressure yields downward.)
Sign up to the Human Events newsletter