US job openings fall to lowest level since 2021
U.S. job openings fell in April to their lowest level since 2021, but they remained at historically strong levels despite high interest rates and signs the economy is slowing.
The Labor Department reported June 4 that employers posted 8.1 million vacancies in April, down from 8.4 million in March. Monthly job openings have come down steadily from a peak of 12.2 million in March 2022, when the economy’s recovery from COVID-19 lockdowns left companies desperate for workers.
When the Federal Reserve began raising interest rates in March 2022 to combat a resurgence in inflation, the higher borrowing costs were expected to tip the economy into recession and push up unemployment. Instead, the economy kept growing and employers continued to hire.
Federal policymakers likely welcome a decrease in job openings to help reduce pressure on companies to raise wages, which can feed inflation.
“Overall, job openings are still elevated, signaling strong demand for workers,’' said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. ”But they continue to move in the right direction, towards pre-pandemic readings, pointing to an ongoing normalization between supply and demand for labor.’'
Read more: The Associated Press
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