Mortgage rates are at their highest levels since 2002, consumer spending and business investment is falling and the Federal Reserve is fighting persistent inflation with higher interest rates.
“While job openings should continue to fall in the months ahead, the fact that they remain well above normal levels should continue to support strong job growth, possibly all the way into 2023,” said David Kelly, chief global strategist at JPMorgan Funds.
The job market is good for workers but it’s not good for inflation.
The problem is that this time around, the shape of the job market is different.
Oil stocks and health care companies are leading the market, with Chevron (CVX), Merck (MRK) and Amgen (AMGN) topping the Dow leaders list.