US Job Openings Fall to 7.4 Million in June

In June 2025, U.S. job openings fell to 7.4 million from 7.7 million in May, indicating a cooling but stable labor market with continued demand for workers. Despite layoffs remaining steady, the number of people quitting jobs declined, suggesting decreased worker confidence in finding new opportunities. The slowdown in hiring is attributed partly to the cumulative effects of 11 Federal Reserve interest rate hikes in 2022 and 2023 and uncertainty caused by President Donald Trump's trade wars, which have affected managerial hiring decisions. The Labor Department's July employment report is expected to show a slight rise in unemployment to 4.2% from 4.1%, with job gains slowing to an estimated 115,000, down from 147,000 in June. June's private payrolls growth was weak at 74,000, the lowest since October 2024, with government education job gains likely inflated by seasonal factors. Overall, job creation this year has averaged 130,000 per month, down from 168,000 last year and far below the 400,000 monthly average during the post-pandemic recovery years of 2021 to 2023.