A hiring sign seeking bus drivers is posted in Palatine, Ill., Wednesday, April 19, 2023. On Tuesday, the Labor Department reports on job openings and labor turnover for March.(AP Photo/Nam Y. Huh)
By Paul Wiseman
U.S. job openings fell in March to the lowest level in nearly two years, a sign that the American labor market is cooling in the face of higher interest rates.
Employers posted 9.6 million vacancies in March, down from nearly 10 million in February and lowest since April 2021. The Labor Department's Job Openings and Labor Turnover Summary, out Tuesday, showed that layoffs rose to 1.8 million, the highest level 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.
The American job market is strong but losing momentum. The Federal Reserve has raised its benchmark interest rate nine times in just over a year in a bid to rein in inflation that last year hit a four-decade high. And higher borrowing costs are taking an economic toll.
A hot job market can push up wages — and overall prices.
“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.
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.
The Labor Department on Friday releases the jobs report for last month. Forecasters surveyed by the data firm FactSet expect that employers added fewer than 182,000 jobs in April, which would be the third straight monthly drop since payrolls rose by a robust 472,000 in January.
The unemployment rate is expected to blip up to 3.6% in April, a couple of notches above January's half-century low 3.4%
A new version of the federal student aid application known as the FAFSA is available for the 2024-2025 school year, but only on a limited basis as the U.S. Department of Education works on a redesign meant to make it easier to apply.
A steep budget deficit caused by plummeting tax revenues and escalating school voucher costs will be in focus Monday as Democratic Gov. Katie Hobbs and the Republican-controlled Arizona Legislature return for a new session at the state Capitol.
The first U.S. lunar lander in more than 50 years is on its way to the moon. The private lander from Astrobotic Technology blasted off Monday from Cape Canaveral, Florida, catching a ride on United Launch Alliance's brand new rocket Vulcan.
Global prices for food commodities like grain and vegetable oil fell last year from record highs in 2022, when Russia’s war in Ukraine, drought and other factors helped worsen hunger worldwide, the U.N. Food and Agriculture Organization said Friday.
Wall Street is drifting higher after reports showed the job market remains solid, but key parts of the economy still don’t look like they’re overheating.
The Biden administration is docking more than $2 million in payments to student loan servicers that failed to send billing statements on time after the end of a pandemic payment freeze.
The nation’s employers added a robust 216,000 jobs last month, the latest sign that the American job market remains resilient even in the face of sharply higher interest rates.
A U.S. labor agency has accused SpaceX of unlawfully firing employees who penned an open letter critical of CEO Elon Musk and creating an impression that worker activities were under surveillance by the rocket ship company.
