US job openings dip to 9.6 million, lowest since 2021

By PAUL WISEMAN
AP Economics Writer

WASHINGTON (AP) — U.S. job openings fell in March to the lowest level in nearly two years, a sign that the American labor market is cooling in the face of higher interest rates. Employers posted 9.6 million vacancies in March, down from nearly 10 million in February. Layoffs rose to the highest level since December 2020, the Labor Department reported Tuesday. The American job market is strong but losing momentum. The Federal Reserve has raised its benchmark interest rate nine times in just over a year in a bid to rein in inflation that last year hit a four-decade high. And higher borrowing costs are taking an economic toll.