Job Vacancies Decline as Employment Openings Drop in March

The US Labor Department's Job Openings and Labor Turnover Survey (JOLTS) decreased job vacancies to 9.59 million in March, the lowest in almost two years. The drop in employment openings suggests the tight US job market is easing and may reduce pressure on inflation. The ratio of open jobs to available workers declined to 1.6 to 1, below the two-to-one level seen over the past two years. Quits, a measure of worker confidence, declined to 3.85 million, while hires remained at 6.15 million. The Federal Reserve views the JOLTS report for signs of labor slack, which could affect interest rates.