Due to tightened monetary policy, the count of open jobs for the economy and construction is declining. This is consistent with a somewhat cooler economy, which is a positive sign for future inflation readings. In April, the number of open jobs for the economy fell to 8.06 million. This is smaller than the 9.90 million estimate reported a year ago. NAHB analysis indicate that this number must fall back below 8 million for the Federal Reserve to feel more comfortable about labor market conditions and their potential impacts on inflation, which means we will be near that range in the coming months. While the Fed intends for higher interest rates to have an impact on the demand-side of the economy, the ultimate solution for the labor shortage will not be found by slowing worker demand, but by recruiting, training and retaining skilled workers.