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The number of job openings has fallen to the lowest level since May 2021. The latest data from the Bureau of Labor Statistics showed that the ratio of open jobs to unemployed Americans also fell.

One statistic that did increase was the amount of layoffs. Many of the nearly two million layoffs have come from the construction and technology industries.

Economists now expect the unemployment rate to increase, saying “demand for labor is cooling.” Experts are now saying the data is the result of the federal reserve attempting to normalize the economic situation.

While the federal reserve chose not to increase interest rates in their policy decision yesterday, they signaled that they were prepared to further tighten the economy in the future.