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The job market is showing signs of cooling for the first time since the pandemic as employers have slowed hiring.

According to the Labor Department, job openings have dropped from over 10 million in April to a bit over 9.5 million this past month. The government report also showed that fewer people are quitting their jobs, which likely means a further slowdown for the job market.

President Joe Biden was quick to tout this as a victory for his administration, but Shana Burt, host of Financial Issues attributed the win elsewhere.

According to Reuters, small businesses increased hiring in July, possibly pointing to continued labor market resilience.