More than 250,000 new jobs were created last month -- a historically-low jobless rate -- and it’s causing the stock market to tank.
Though the tech jobs are keeping our economy hot, what the federal government is trying to do is cool things down.
From prosthetic limbs powered by computer chips to drones, San Jose-based NextFlex makes what the tech world sells. And that, like tech itself, is big business.
"NextFlex is absolutely hiring, and a lot of companies in Silicon Valley are hiring," said Emily McGrath, director of workforce development at NextFlex.
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With so many jobs to fill, they're even hosting high school seniors, to talk about the value of a STEM career.
"It's incredibly good, particularly in the manufacturing sector,” said McGrath. “There is an overwhelming need for talent."
So, with the U.S. jobless rate touching 50-year lows, why is the stock market plunging? The short answer is inflation.
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"I think the main fear is that if the economy is still very strong, jobs are still being gained, and the unemployment rate remains low, the response from the federal reserve is going to be to raise interest rates even higher,” said Audrey Guo, professor of economics at Santa Clara University.
Higher interest rates to try and slow our economy, something Wall Street doesn't like, with the goal to curb inflation even if it hurts your personal bottom line.
That's why even as tech jobs are on the rise, tech stocks have been on the decline. The concern being that as interest rates go up, people will spend less money on tech products.
