The Labor Department released its March jobs report on Friday, which has indicated that the US labor market has been cooling down. Overall, there has been a decline in the number of job openings and slower rate of wage growth. Since the Fed raised interest rates to tame high inflation, there have also been mass layoffs in the tech and finance industries. However, job growth in the hospitality and service sectors has helped the labor market remain resilient and strong.
See "Recent jobs report shows that US labor market is cooling down as job openings decline", Irina Ivanova , CBS News, April 7, 2023