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U.S. job openings dip in March to lowest level in nearly two years

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Tuesday’s data is a sign that the American labour market is cooling in the face of higher interest rates

U.S. job openings fell in March to the lowest level in nearly two years, a sign that the American labour market is cooling in the face of higher interest rates.

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 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.

 

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