U.S. Job Openings Sink

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.