Hiring sign is displayed outside of a retail store in Vernon Hills, Ill., Saturday, Nov. 13, 2021. The number of Americans applying for unemployment benefits plummeted last week to the lowest level in more than half a century, another sign that the U.S. job market is rebounding rapidly from last year’s coronavirus recession. (AP Photo/Nam Y. Huh)
By CHRISTOPHER RUGABER AP Economics Writer
WASHINGTON (AP) — The number of available jobs in the U.S. plummeted in August compared with July, a sign that businesses may pull back further on hiring and potentially cool chronically high inflation. There were 10.1 million advertised jobs on the last day of August, down a huge 10% from 11.2 million openings in July. In March, job openings had hit a record of nearly 11.9 million. The sharp drop in job openings will be welcomed by the Federal Reserve. Fed officials have cited the high level of openings as a sign of strong labor demand that has compelled employers to steadily raise pay to attract and keep workers.