US labor market loosening as job openings approach twoyear low Inquirer Business

WASHINGTON – U.S. job openings dropped to their lowest level in nearly two years in February, suggesting that labor market conditions were finally easing, welcome news for the Federal Reserve as it considers whether to pause its interest rate hiking cycle. Despite the larger-than-expected decline in job vacancies reported by the Labor Department on Tuesday, the labor market remains tight, with 1.7 job openings for every unemployed person in February, down from 1.9 in January. Fed officials have been closely monitoring this ratio. Friday’s employment report for March will shed more light on the labor market’s health. The broad drop…