Job Openings and Hiring Are at a 3-Year Ebb

In March, U.S. job openings dropped to 8.5 million, the lowest since early 2021, signaling a cooling labor market. This decline in openings and hiring could help balance supply and demand, aligning with Federal Reserve goals to control inflation. However, this shift may reduce workers' bargaining power and wage gains, with voluntary job quits also decreasing to the lowest in over three years.