AP News: More Job Gains Point to a Solid Economy and Fed Rate Hikes

The job market has proven resilient in the past few months, partially due to the federal reserve raising interest rates to fight inflation but also because customers have kept spending resulting in many industries looking to hire workers. Currently, the unemployment rate remains at about 3.6%, and almost every industry, except retail, has been adding new job opportunities with more Americans finding jobs. 

There has also been a rise in hourly wages, with the average raised by 10 cents in May. Even though wages are increasing and Americans are finding jobs, not all applicants match the relevant experience required. 

In an interview provided by AP News, one CEO who has seen this phenomenon is Jackie Bondanza. Still, despite experiencing applicant overdemand for high salaries firsthand, she has worked to expand Hounds Town USA and expects to open 50 new franchised outlets within the next 18 months. Hounds Town USA currently has 17 employees at their corporate office, an increase from their previous five. 

The company currently has 30 locations across 14 states, and even with the rise in inflation, customers are still seeking out their services, including daily dog care and boarding. Bondanza states, "We are seeing more dogs in our facilities than some of our stores know what to do with.” 

Ultimately the job market is strong, but that strength contributes to some inflation, as consumers seek to buy more goods with a decrease in availability due to shortages elsewhere.  

Read the full article here at APNews.com.