WASHINGTON — U.S. job openings fell slightly last month, a sign that the American labor market continues to cool in the face of high interest rates.
Still, the report showed other signs of a slowing job market. Employers hired 5.3 million people, fewest since April 2020 when the pandemic was hammering the economy. The number of people quitting their jobs — a decision that reflects confidence in their ability to find higher pay or better working conditions elsewhere — slid to 3.3 million, fewest since November 2020.
Vacancies rose at hotels and restaurants and at state and local governments . Openings fell at factories that make long-lasting manufactured goods and at the federal government. The Fed views a drop in vacancies as a relatively painless way — compared to layoffs — to cool a hot job market and reduce pressure on companies to raise wages, which can feed inflation.