Job Openings in US Near Two-Year Low as Labor Market Loosens

US job openings fell to their lowest level in nearly two years in February, dropping 632,000 to 9.9 million, according to the monthly Job Openings and Labor Turnover Survey. Despite the larger-than-expected decline, the labor market remains tight, with 1.7 job openings for every unemployed person in February. The decline in vacancies suggested that the Fed's aggressive rate hikes to tame high inflation were starting to yield results. However, against the backdrop of banks tightening lending standards, some economists worried about a sharp weakening in the labor market.