1. US Job Openings Hit 11.5 Million in March
The U.S. Department of Labor reported 11.5 million job openings in March, a new record, according to Business Insider. Private-sector estimates placed the number of openings at about 11 million.
The ratio of available workers to job openings dropped to 0.5 in March, meaning there are about two openings for every American looking for employment, the article states. Before the pandemic, there was roughly one job for every available worker.
The labor force participation rate grew to 62.4% last month, the highest since the start of the pandemic, the article states. It's still a percentage point below early 2020 levels, however.
2. Federal Reserve Prepares To Accelerate Pace of Interest Rate Hikes
The Federal Reserve is getting ready to raise interest rates faster than previously planned, the Associated Press reports. The goal is to fight inflation by making it more expensive to borrow money and slow spending.
“After its latest rate-setting meeting ends Wednesday, the Fed will almost certainly announce that it’s raising its benchmark short-term interest rate by a half-percentage point — the sharpest rate hike since 2000,” the AP reports. “The Fed will likely carry out another half-point rate hike at its next meeting in June and possibly at the next one after that, in July. Economists foresee still further rate hikes in the months to follow.”
3. MGM Resorts Enjoys Boost in Demand from Busy Las Vegas Events Calendar
Executives at MGM Resorts reported during a first quarter earnings call that while demand dipped in January because of the COVID-19 omicron variant, demand quickly recovered over the following months thanks to the many events and meetings held in Las Vegas, reports HNN’s Bryan Wroten.
“All of these big events show the incredible progress the city has made as an entertainment and sports destination,” MGM Resorts President and CEO Bill Hornbuckle said.
4. New York City Plans To Keep Expanded Outdoor Dining, Pedestrian Areas
New York City officials are working on keeping the outdoor dining areas they allowed to give people a chance at somewhat normal life earlier in the pandemic as well as expanding the Open Streets program to close off roadways to vehicles for pedestrian use, the Associated Press reports.
“Out of all the doom and gloom from the pandemic, one of the bright spots is that it allowed us to reimagine our relationship with the public space — and that’s everything from open restaurants to open streets,” said Andrew Rigie, the executive director of the New York City Hospitality Alliance, the trade group for pubs and eateries.
5. More Countries Welcome Back Tourists, Ease Restrictions
Several countries have recently started welcoming back tourists with loosened COVID-19 restrictions, the Associated Press reports. New Zealand, a country that imposed some of the world’s strictest border restrictions, opened up to visitors from the U.S., Canada, the United Kingdom, Japan and more than 50 other visa waiver countries for the first time in more than two years.
New Zealand had opened its borders to travelers from Australia three weeks ago, the article states. Most tourists from India, China and other non-visa waiver countries still cannot enter. New Zealand has no immediate plans to ease its testing and vaccination requirements for tourists.
Both Italy and Greece, however, are further relaxing their COVID-19 restrictions for tourists ahead of Europe’s peak summer season, the AP reports. Greece’s civil aviation authority is lifting all COVID-19 rules for international and domestic flights except for wearing masks during flights and at airports. Italy will no longer require visitors to fill out the EU passenger locator form and ended its health pass requirement for restaurants, movie theaters, gyms and other venues.