U.S. Job Openings Edge Higher in July as Labor Market Remains Resilient
July job openings rose to 7.27 million, while layoffs fell and the unemployment rate held at 4.1%, indicating continued strength in the U.S. labor market despite higher household costs.
Employers posted a modest increase in job openings in July, with the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) reporting 7.27 million openings, up from a revised 7.18 million in June. The same data showed a decline in layoffs and a reduction in the number of workers quitting their jobs, suggesting confidence among employees about their prospects.
Gross hiring, measured before accounting for separations, slipped to 5.1 million in July from 5.3 million the month before. Over the year, U.S. employers—including private firms, nonprofits and government agencies—have added an average of 61,000 net jobs per month, a pace that follows a slowdown earlier in the year.
Unemployment remained low at 4.1%, and weekly claims for unemployment benefits continued to stay modest. "The labor market is back in the ‘low fire, low hire’ mode," said Heather Long, chief economist at Navy Federal Credit Union, noting that companies are proceeding cautiously amid ongoing geopolitical tensions and higher borrowing costs.
Forecasters expect the Labor Department’s upcoming August report to show an addition of about 65,000 jobs and a slight rise in the unemployment rate to 4.2%.