The American labor market has millions of opportunities every month. However, according to an analysis by MoneyTransfers.com, the number of job openings in America fell by 1 million in August 2022. July saw 11.17 million opportunities compared to 10.05 million openings in August.

Speaking on the report, MoneyTransfers CEO Jonathan Merry said: “The decline in job opportunities means that the vast labor gap in the US is shrinking. Besides, some sectors have adopted working with fewer employees, so they don’t list openings. And with inflation hitting them badly, some are resorting to cutting costs by halting employment.”

The health sector and social support sectors saw a massive drop in vacancies. They recorded a -236,000, the retail industry lost 143,000 jobs, and the “other services” sector lost 183,000.

The Federal Reserve has used rate hikes to limit the flow of money through the economy to bring the supply of workers closer to demand. Yet, the labor market has hardly reacted to the changes, with the unemployment rate remaining at 3.7%.