Job Openings Slip to 9.9M, Suggesting Inflation Fight Win

WASHINGTON — U.S. job openings slipped to 9.9 million in February, fewest since May 2021 and a sign that the job market may be starting to cool, which would be welcome news for the inflation fighters at the Federal Reserve, according to an Associated Press report.

Vacancies fell from 10.6 million in January, the Labor Department said Tuesday, notably in healthcare and in professional services, which includes managerial and technical jobs. Openings rose for construction workers.

Despite the drop, the number of layoffs ticked lower in February, and more Americans quit their jobs — a sign of confidence they can find better pay or working conditions elsewhere.

The American job market has proven resilient in the face of sharply higher interest rates. Over the past year, the Fed has raised its benchmark rate nine times in a drive to corral inflation that last year hit a four-decade high. The surge in consumer prices has eased since mid-2022 but remains well over the central bank’s 2% year-over-year target.

Read the full Associated Press report.

Source: https://rvbusiness.com/job-openings-slip-to-9-9m-suggesting-inflation-fight-win/