Employment market shows signs of cooling amid rate hikes

By DAMIAN J. TROISE
AP Business Writer

NEW YORK (AP) — The employment market appears to have lost some of its sizzle, a development that could influence Federal Reserve policy and further raise concerns about an economic recession among investors. Job openings have been edging lower since April as rising inflation tightened its grip on businesses and crimped consumer spending. In June, openings fell to 10.7 million, their lowest levels since September. Openings are still at an historically high level, having never exceeded 8 million in a month prior to a year ago. A tighter job market could be a signal that the economy is slowing enough for the Fed to ease up on interest rate hikes.