Job openings drop to 9.8 million, but U.S. labor market is still too strong for the Fed

The numbers: Job openings fell below the 10 million mark again in May in a sign of slight cooling in the U.S. labor market, but the report is unlikely to sway the Federal Reserve as it gears up to raise interest rates again.

Job listings declined to a two-month low of 9.8 million in May from a revised 10.3 million in April, the Labor Department said Thursday. It’s the third time they’ve fallen below the 10 million mark this year.

Economists…