Job openings drop more than expected in July to 2-year low

U.S. job openings tumbled in July to the lowest level in more than two years, the latest evidence that the Federal Reserve’s interest-rate hike campaign is continuing to cool the once red-hot labor market.

The Labor Department said Tuesday there were 8.8 million job openings in July, a decline from the 9.1 million openings reported the previous month. Economists surveyed by Refinitiv expected a reading of 9.46 million.

It marked the lowest level for job openings since March 2021.