For a long time now, two things were true of the employment market: There were too many job openings and too few people to fill them.
Now, though, that might be changing.
According to statistics from the U.S. Labor Department, U.S. job openings fell in March to their lowest level in almost two years.
Employers posted some 9.6 million vacancies in March, down from almost 10 million the month before. It’s the lowest level since April 2021. The Labor Department’s Job Openings and Labor Turnover Summary showed layoffs rose to 1.8 million, the most since December 2020.
The number of Americans quitting their jobs — a sign they have confidence they can find better pay or working conditions elsewhere — dropped to 3.9 million, lowest since May 2021, according to the AP.
The Federal Reserve just raised its benchmark interest rate for the 10th time in just over a year in its continuing effort to fight inflation.
https://1f3fed789e200cb6fa6dcb816a627c61.safeframe.googlesyndication.com/safeframe/1-0-40/html/container.html “Overall the JOLTS report shows a historically tight labor market that is finally starting to slacken more quickly, something Fed officials have been seeking for several quarters,”’ Contingent Macro Advisors said in a research note, according to the AP.
The job market is cooling but remains strong by historic standards. Monthly job openings had never exceeded 10 million until 2021, then reeled off 20 straight months above that threshold. The streak ended in February.
