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yesterday

Unemployed Outnumber U.S. Job Openings for First Time Since 2021

The shift is bolstering expectations of a September rate cut ahead of pivotal economic reports.

An eagle tops the U.S. Federal Reserve building's facade in Washington, July 31, 2013. REUTERS/Jonathan Ernst/File Photo
Job seekers at the Downtown Central Library in Buffalo, New York, on August 27.
A ?Help Wanted? sign hangs in restaurant window in Medford, Massachusetts, U.S., January 25, 2023. REUTERS/Brian Snyder/File Photo
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Overview

  • Job openings fell by 176,000 to 7.181 million in July, with hires edging up to 5.308 million and layoffs rising slightly to 1.808 million, according to the JOLTS report.
  • For the first time since 2021, the 7.24 million unemployed Americans modestly exceeded available openings, pushing the openings-to-unemployed ratio below 1.0.
  • Declines in openings were led by private education and health services (down about 181,000), retail (down roughly 110,000), and arts and entertainment, with quits holding steady at 3.2 million.
  • Financial markets responded to the softer data as Treasury yields dipped and mortgage rates hit a 2025 low near 6.49%, with traders assigning high odds to a quarter-point cut at the Fed’s Sept. 16–17 meeting.
  • Scrutiny of labor data has intensified after May–June payrolls were revised down by a combined 258,000 and the White House removed the BLS chief, placing extra weight on Friday’s August jobs report and next week’s inflation reading.