Job Openings Unexpectedly Plunge In August To Lowest Level Since June 2021

By FOX Business
Posted on 10/04/22 | News Source: FOX Business

U.S. job openings unexpectedly dropped in August to the lowest level in over a year as the Federal Reserve tries to bring down near-record high inflation and cool the labor market. 

The Labor Department said Tuesday that there were 10.1 million job openings in August – a major decline from the previous month's revised reading of 11.17 million. 

Still, the number of available jobs has topped 10 million for 15 consecutive months; before the pandemic began in February 2020, the highest on record was 7.7 million.

The Federal Reserve closely watches these figures as it tries to gauge labor market tightness; the lower-than-expected number of openings could provide some relief for policymakers as they try to slow the economy and cool painfully high inflation.