U.S. Job Openings Rise to 7.27 Million in July, Labor Demand Remains Steady

In July, the number of job openings in the United States slightly increased to 7.27 million, up from a revised 7.18 million in June, with economists' median estimate at 7.31 million. The report indicates that the U.S. labor market maintains a state of low hiring and low layoffs, as employers adopt a cautious approach to expanding their workforce amid geopolitical uncertainties and ongoing inflation, while also being reluctant to lay off employees. The increase in job openings primarily comes from the manufacturing sector, state and local governments (excluding education), healthcare, and social assistance industries. The number of layoffs has dropped to its lowest level since January of this year, and the voluntary resignation rate has slightly decreased to 1.9%.

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