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Layoffs fell to their lowest level since January as the labor market held to a low-hire, low-fire pattern
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The U.S. labor market recorded 7.27 million job openings in July, the Bureau of Labor Statistics reported Tuesday, nudging higher from a revised 7.18 million the prior month. The openings-to-unemployed ratio held at roughly 1.1 vacancies per jobseeker.
Layoffs and discharges dropped to 1.7 million, marking a six-month low. Manufacturing saw its fewest dismissals in over five years. Manufacturing led the gains, along with state and local government excluding education and healthcare and social assistance; manufacturing vacancies climbed to their highest level since December 2023, according to Bloomberg. Openings in leisure and hospitality fell to their lowest since 2021.
