US Labor Dept. reports job openings climbed to 11.2 million in July

A new report by the United States Department of Labor showed the number of open jobs in the US climbed significantly from June to 11.2 million.

The Job Openings and Labor Turnover Survey published on Tuesday, showed an unexpected surge in jobs available, and revised June job opening numbers from 10.698 million to 11 million.

“The Fed has front-loaded its monetary restraint this year to an unprecedented degree and the economy isn’t giving them any reason to hold back,” said FWDBONDS chief economist Christopher Rupkey to Reuters. “The labor market is strong as a bull, two jobs out there for the unemployed to choose from.”

Some experts believe the Federal Reserve will be challenged with the continuously-strong labor market. Moody’s Analytics senior economist Mark Zandi told CNN this week, “The Fed will not be happy with this report,” Mark Zandi, senior economist for Moody’s Analytics, told CNN Business. “It is critical that the job market cools off, and this report suggests that it remained very strong in July.”

The report comes days after Federal Reserve Chair Jerome Powell signaled tough times ahead for Americans in the fight against inflation. “Reducing inflation is likely to require a sustained period of below-trend growth,” Powell said at a conference last week. “Moreover, there will very likely be some softening of labor market conditions. While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses.”

The report also showed Americans are planning more large purchases and vacations in the coming months than previously, in a sign that spending and consumer confidence are on the uptick.