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US July Job Openings Inch Up to 7.27 Million; Labor Demand Stable
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News EditorUS job openings edged up in July, signaling that labor demand has remained broadly stable in recent months, according to a report from Chinese crypto news outlet BlockBeats citing Jinshi. The Bureau of Labor Statistics reported Tuesday that openings rose to 7.27 million from a downwardly revised 7.18 million in June, coming in below economists' median estimate of 7.31 million. The report shows the US labor market remains in the low-hiring, low-firing pattern that has defined much of the past few years. Employers are cautious about expanding headcount with geopolitical uncertainty and persistent inflation in the background, but they are also reluctant to lay off workers. Job openings increased mainly in manufacturing, state and local government (excluding education), and health care and social assistance. Layoffs fell to their lowest level since January, while the quits rate — the share of workers leaving their jobs voluntarily each month — slipped to 1.9%.
US job openings moved higher in July, according to data published Tuesday by the Bureau of Labor Statistics. The count rose to 7.27 million from a downwardly revised 7.18 million in June. Economists had forecast a median of 7.31 million. The fresh figures reinforce the pattern that has shaped the US job market for most of the past several years: low hiring, low firings. Employers remain cautious about adding staff with geopolitical uncertainty and inflation still lingering, but they have shown little appetite for broad layoffs either. The largest gains in openings came from manufacturing, state and local government (excluding education), and health care and social assistance. Layoffs, meanwhile, fell to the lowest level since January. The quits rate, which captures the share of employees leaving their jobs voluntarily each month, ticked down to 1.9%. The data was summarized by BlockBeats based on a Jinshi report.
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