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U.S. job openings fell in July, declining to an early 2021 level. A few weeks ahead of the next Federal Open Market Committee<\/a> meeting,\u00a0this latest data release offers fresh evidence that the labor market is cooling.<\/p>\n The number of job openings edged down to 8.8 million in July from 9.17 million in June, the Bureau of Labor Statistics\u2019 Job Openings and Labor Turnover Survey<\/a>, or JOLTS, showed on Tuesday. It marked the sixth decline in the last seven months. In July, the number and rate of hires were little changed at 5.8 million and 3.7%, respectively. Also, vacancies fell for sixth time in the last seven months.<\/p>\n \u201cThe Fed is getting exactly what it wants; it wanted to attack the labor market, and finally, they’re getting closer to their goal,\u201d said HousingWire<\/a>\u2019s Lead Analyst Logan Mohtashami.<\/p>\n The quits ratio, which measures voluntary job leavers as a share of total employment, decreased to 3.5 million with a rate little changed at 2.3% \u2014 this is its lowest since the start of 2021. In other words, Americans are less confident in their ability to find another job in the current market.<\/p>\n Job openings decreased in professional and business services, health care, social assistance and government. By contrast, job openings increased in information, transportation, warehousing and utilities.<\/p>\n The latest report confirms that the labor market is rebalancing, with improved supply and moderated demand. Consequently, wage growth<\/a> has tempered. The Fed expects this trend to continue, said Jerome Powell<\/a> last Friday at an economic policy symposium<\/a> in Jackson Hole, Wyoming. However, the Fed Chairman remained cautious and if the labor market stopped easing, the Fed would have to provide a monetary policy response. Meanwhile, unemployment remains historically low.<\/p>\n \u201cI believe they will feel\u00a0 a lot more comfortable with job openings around 7 million, but the quits ratio is back to pre-pandemic levels, so their attack on the labor supply is working,\u201d added Mohtashami.\u00a0<\/p>\n