The Labor Department reported on Tuesday that U.S. job openings fell to the lowest level since May 2021 amid the Federal Reserve's interest-rate hike campaign.
A general view shows construction workers standing before the Manhattan skyline and Empire State Building, in Brooklyn on January 24, 2023.closely watches these figures as it tries to gauge labor market tightness and wrestle inflation under control. The lower-than-expected figure indicates that demand for employees still far outpaces the supply of available workers, but the gap is beginning to shrink.
"Openings continue to far outpace the number of unemployed as market power remains firmly pointed towards workers," said Ben Ayers, senior economist at Nationwide. "But, as the year goes on, we expect labor demand to roll over as firms plan for a recession later this year."
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