The job market's ‘game of musical chairs’ may be slowing — but workers still have power, say economists
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...