The US labor market experienced a decline in available job openings in March, reaching its lowest point in almost two years. This suggests that the nation's employment situation is slowing down as interest rates continue to rise.

In March, employers reported 9.6 million job vacancies, a decrease from the nearly 10 million recorded in February. The Labor Department also noted a surge in layoffs, reaching the highest point since December 2020.

While the American job market remains robust, it appears to be losing steam. The Federal Reserve has implemented nine interest rate hikes in just over a year to combat inflation, which reached a 40-year high in the previous year. These increasing borrowing costs are negatively impacting the economy.

The streak of monthly job openings surpassing 10 million ended in February. Prior to 2021, the number of job openings had never exceeded 10 million; however, it remained above this benchmark for 20 consecutive months.

The Labor Department will release the jobs report for the previous month on Friday. Data firm FactSet's survey predicts that employers added less than 182,000 jobs, marking the third consecutive monthly decline since the significant increase of 472,000 jobs in January. Experts anticipate the unemployment rate to rise slightly to 3.6% in April, slightly higher than January's 50-year low of 3.4%.

Q&A Section:

Q: How many job vacancies were posted in March 2023?

A: Employers posted 9.6 million job vacancies in March, a decline from nearly 10 million in February.

Q: What is the impact of the Federal Reserve's interest rate hikes on the job market?

A: The Federal Reserve's interest rate hikes, aimed at curbing inflation, are causing the job market to lose momentum as higher borrowing costs negatively impact the economy.

Q: What is the expected unemployment rate for April 2023?

A: The unemployment rate is expected to rise slightly to 3.6% in April, up from January's 50-year low of 3.4%.