As of last week jobless aid applications dropped to 234,000, a sign that the job market seems to be increasingly secure for workers. Over the past year, the number of people collecting benefits had dropped by 7.2 percent to 2.03 million, the biggest drop in two years. The labor market is now tightening due to it being so close to full employment, which will likely push the Federal Reserve to increase interest rates due to signs of increasing inflation.
I learned about inflation and how important it is for the economy to thrive. I learned that it can be needed to keep up consumption, and knowing the spending levels are important for economic growth so that businesses know how to keep markets going at a good pace, as it is what helps increase production.
If all the jobs are taken, then it is bad for the people that are still looking for jobs because they are all taken. But a good thing is that businesses may think to add more jobs in the market, which can help people who need a job get one.