Originally Published: 02 MAY 23 10:03 ET

By Alicia Wallace, CNN

(CNN) -- The number of open jobs in the United States has dropped to the lowest level since May 2021, a reflection of a labor market that is slowly settling back into balance after the Federal Reserve's yearlong campaign to cool off the economy.

Job openings totaled 9.59 million in March, according to monthly data released Tuesday by the Bureau of Labor Statistics. That's down from an upwardly revised 9.974 million reported in February.

Economists were expecting 9.775 million openings, according to consensus estimates on Refinitiv.

This story is developing and will be updated.