Abundance of job openings is not scary

Steady rise: A “We are Hiring” sign is seen hanging at a clothing store in New York City. The number of available jobs in the United States rose to 10.1 million in April. — AFP

IN financial markets, old habits die hard. The S&P 500 Index initially retreated Wednesday after a Labour Department report ostensibly showed unwanted strength in the job market.

Traders feared the report would goad the Federal Reserve (Fed) into another interest-rate increase next month, but that’s unlikely to be the case on its own.