The Labor Department has reported a lower number of job openings in March, suggesting developing weakness in the recently improved job market. "The tax hikes went up early in the year, we got this slowdown in retail sales, this slowdown in manufacturing output, and that raised the question about whether businesses would get very defensive or not," said Robert Mellman, a JPMorgan Chase senior economist. "It looks like they slowed payroll growth in March and April."

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