Job openings in the US fell sharply in February, dropping to 9.9 million from 10.5 million in January, marking the first fall below 10 million since May 2021. The drop indicates that the hot US labour market is cooling as the Federal Reserve raises interest rates. However, despite the drop, the ratio of open jobs to unemployed people only fell to 1.7 from 1.9, suggesting that employers are still battling to fill roles. Nonetheless, there are fears that the increased rate of interest could lead to a rise in job losses. The fall was led by sectors that added the most jobs during the coronavirus pandemic recovery, including healthcare and food services, with both cutting over 120,000 openings in February.
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