More Evidence Of Cooling U.S. Labor Market As Job Openings Slip In July

WASHINGTON (AP) — U.S. employers posted 7.2 million job vacancies in July as the American labor market continues to cool.

The Labor Department reported Wednesday that job openings fell from 7.4 million in June and came in modestly below what economists had forecast.

The Job Openings and Labor Turnover Survey (JOLTS) showed that layoffs rose slightly. The number of Americans quitting their jobs — a sign of confidence in their ability to find better pay, opportunities or working conditions elsewhere — was almost unchanged from June at 3.2 million.

Jobs openings remain at healthy levels but have fallen steadily since peaking at a record 12.1 million in March 2022 as the U.S. economy roared back from COVID-19 lockdowns.

The U.S. job market has lost momentum this year, partly because of the lingering effects of 11 interest rate hikes by the inflation fighters at the Federal Reserve in 2022 and 2023 and partly because President Donald Trump’s trade wars have created uncertainty that is paralyzing managers making hiring decisions.