Job openings in the United States edged higher in July, reaching 7.27 million, up from a revised 7.18 million in June, according to the U.S. Labor Department.
The latest JOLTS report showed that layoffs declined, but fewer Americans voluntarily quit their jobs — a sign that workers are becoming more cautious about their job prospects.
Overall hiring also slowed, with employers adding 5.1 million workers in July, compared with 5.3 million in June.
The U.S. labor market is not booming, but it continues to remain relatively stable despite higher costs, elevated borrowing rates and economic uncertainty.
The unemployment rate currently stands at 4.1%. So far this year, employers have added an average of around 61,000 jobs per month, reflecting a significant slowdown in hiring.
Economists describe the current situation as a “low hire, low fire” labor market, with companies hiring cautiously while also avoiding major layoffs.
Meanwhile, economists expect Friday’s August jobs report to show around 65,000 new jobs, with the unemployment rate potentially rising to 4.2%.
