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Fed Seen More Likely to Deliver Bigger Rate Cuts as Job Openings Fall
The numbers: Job openings in the U.S. fell to the lowest level in three and a half years and returned to prepandemic levels in another sign the labor market has softened and that work is not as easy to find.Job postings fell to 7.7 million in July from a downwardly revised7.9 million in June, the Labor Department said Wednesday.New openings have fallen steadily from a record 12 million in 2022. Fewer industries are hiring and jobs have become harder to find.The good news is the rate of layoffs have stayed near a record low. Companies are reluctant to cut jobs because of a chronic U.S. labor shortage, especially if lower interest rates boost the economy.Although many openings are never actually filled, the trend in job postings provides clues about the health of the labor market and the broader economy.Big picture: The waning demand for workers has persuaded the Federal Reserve the time has come to lower interest rates.High rates put in place to squelch inflation have largely done thei
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