Employers posted 9.8 million job vacancies, down from 10.3 million in April, the Labor Department said Thursday. But layoffs fell slightly, and more Americans quit their jobs — a sign they were confident they could find better pay or working conditions elsewhere.
The higher borrowing costs have had an impact: Economic growth has slowed, and monthly job openings are down from their March 2022 peak of 12 million, highest on record. Inflation is down, too: Consumer prices were up 4% in May from a year earlier, down from a year-over-year peak of 9.1% in June 2022 but still double the Fed’s 2% target.
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