But over the same time frame, construction job vacancies have increased by almost 10,000, transportation and warehousing vacancies have grown by 14,000, while manufacturing vacancies are up by more than 14,000. These numbers suggest that technological advances are driving growth and creating opportunities broadly. They also imply that we need to do a better job of matching people with job openings.
Raising interest rates in response to an external contractionary shock is not something that you normally would want to do, although in extreme circumstances it may become necessary. I have heard people say that it is a good thing that, unlike some other countries, we were relaxed in the face of a falling exchange rate.