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Hinterhaus Productions | Getty Images There are signs the hot job market is cooling — but workers still have bargaining power for now, according to labor economists. Job openings, a barometer of employers' demand for workers, saw a near-record monthly decline in August. Openings fell by 1.1 million to 10.1 million, according to U.S. Department of Labor data issued Tuesday — a monthly decrease eclipsed only by April 2020, in the early days of the pandemic, when they fell by roughly 1.2 million. The Federal Reserve is raising borrowing costs for consumers and businesses to pump the brakes on the U.S. economy and reduce inflation. Central bank officials hope that a cooling labor market will translate to lower wage growth, which has been running at its highest pace in decades and contributes to inflation. More from Personal Finance: CNBC ranks the top-rated financial advisory firms of 2022 This is the best time to apply for college financial aid Parents who missed out on $3,600 child t...

Catherine Mcqueen | Moment | Getty Images The unemployment rate ticked up to 3.7% in August, the Labor Department said Friday. While more people becoming unemployed may sound alarming, especially against the backdrop of lingering worries about a recession, the increase was for "good" reasons, according to labor economists. A higher unemployment rate was "the best news in this report," according to Julia Pollak, chief economist at ZipRecruiter. That may seem counterintuitive. How can an increase in the jobless rate be positive? The answer lies in the labor-market dynamics underpinning the jump. More from Personal Finance: White House fires back at Republicans planning to challenge student loan forgiveness These states may tax federal student loan forgiveness These bank fees could be taking a bite out of your budget Why the unemployment rate increased in August The unemployment rate increased by 0.2 percentage points from 3.5% in July — a level that had tied with ear...