US Job Openings Hit 3-Year Low Amid Economic Slowdown

Job openings in the US fell to 8.06 million in April, the lowest since February 2021, indicating a cooling labor market. Despite the decline, the hiring rate remained steady at 3.6%, and layoffs stayed low. Economists suggest this trend could ease inflation pressures, potentially influencing the Federal Reserve's interest rate decisions. The report precedes a week of significant labor market data releases, including private sector hiring, jobless claims, and the May jobs report.