U.S. job openings declined in July, signaling a weakening labor market
The number of job openings in the United States in July fell more than expected, and hiring activity was also relatively moderate, in line with the trend of a slowing labor market environment.
The Job Openings and Labor Turnover Survey (JOLTS) report released by the U.S. Department of Labor's Bureau of Labor Statistics on Wednesday showed that as of the last day of July, the number of job openings, a key indicator of labor demand, decreased by 176,000 to 7.181 million. Economists surveyed by Reuters had previously predicted that the number of unfilled positions in July would be 7.378 million.
The number of hires in July increased by 41,000 to 5.308 million; the number of layoffs increased by 12,000 to 1.808 million. The current labor market has already shown signs of slowing down. Economists believe this phenomenon is related to the broad tariff policies implemented by President Donald Trump. At the same time, the Trump administration's tightening of immigration policies has also led to a reduction in labor supply.
A Reuters survey of economists showed that the market expects the highly anticipated employment report to be released by the U.S. government on Friday will show that non-farm payrolls increased by 75,000 in August (compared to an increase of 73,000 in July). In August, the U.S. government announced that over the past three months, non-farm payrolls increased by an average of 35,000 per month, while the average monthly increase for the same period in 2024 was 123,000.
The market also predicts that the unemployment rate in August will rise to 4.3% from 4.2% in July.
Federal Reserve Chair Jerome Powell hinted last month that an interest rate cut might be implemented at the Federal Reserve policy meeting to be held from September 16 to 17. He acknowledged that risks facing the labor market are rising, but also pointed out that inflation remains a major threat.
Since December last year, the Federal Reserve has kept its benchmark overnight interest rate in the range of 4.25% to 4.50%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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