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3d ago

U.S. Job Openings Drop to 7.18 Million as Labor Market Cools

The latest JOLTS reading intensifies expectations of a September rate cut from a Fed focused on cooling labor demand.

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, the lowest level since September 2024, according to the Labor Department.
  • Unemployed workers slightly outnumbered available positions for the first time since 2021, with about 7.24 million job seekers versus 7.18 million openings.
  • Hiring edged up to 5.308 million and layoffs rose to 1.808 million, while quits held at 3.2 million with a 2.0% quits rate.
  • Economists forecast roughly 75,000 August payroll gains and a rise in unemployment to 4.3%, with markets largely pricing a quarter-point Fed cut on Sept. 16–17.
  • Large downward revisions removed about 258,000 jobs from May–June payrolls as scrutiny of official data grows and economists cite tariffs and tighter immigration enforcement as headwinds.