The labor market is strong. So why the decline in job openings? Blame the Fed’s rate hikes, says one analyst. 

Job applicants had fewer jobs to apply for in March, compounded by a drop in the number of small businesses hiring.

Job openings fell to 9.6 million in March, the lowest number since April 2021, and down from a revised 10 million in February, the Labor Department said this week. Total job openings in the private sector fell to 8.5 million in March from 8.9 million in February, the government added. Unemployment in March was 3.5%. There were 1.6 vacancies for every unemployed person in March.


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