US Job Openings Fall to 7.18 Million in July

U.S. job openings fell to approximately 7.18 million in July, marking the lowest level in nearly a year and continuing a steady decline from the March 2022 peak of over 12 million. Despite this drop, openings remain relatively healthy but below economists' expectations, with notable decreases in sectors such as health care, retail, arts, leisure, and hospitality. Hiring activity held steady with about 5.3 million hires, while layoffs rose slightly to around 1.8 million, and voluntary quits remained stable at approximately 3.2 million, reflecting a cautious yet resilient labor market. The slowdown in job growth is attributed to factors including lingering effects of aggressive Federal Reserve interest rate hikes and uncertainty stemming from President Donald Trump’s trade policies. Economists suggest these labor market trends are influencing expectations for a Federal Reserve interest rate cut in September, with some forecasting additional easing measures later this year and into 2026. The labor market’s cooling and sector-specific shifts highlight ongoing challenges such as tighter immigration enforcement, demographic changes, and technological impacts like artificial intelligence in certain industries.