U.S. Job Openings Rise to 7.27 Million in July, but Hiring Declines

Job Openings Rise by 89,000 from Previous Month
Hiring Drops by 278,000

The number of job openings, which indicates demand in the U.S. labor market, saw a slight increase in July, but actual hiring decreased. Analysts note that the so-called “low hiring, low layoffs” trend continues, with companies remaining cautious about new hires while refraining from large-scale layoffs.

The Bureau of Labor Statistics (BLS) under the U.S. Department of Labor announced in its Job Openings and Labor Turnover Survey (JOLTS) released on September 1 (local time) that the number of job openings in July was tallied at 7,271,000. This marks an increase of 89,000 compared to the previous month.

However, the number of job openings for June was revised downward by 177,000, from the previously reported 7,359,000 to 7,182,000. The job openings rate rose from 4.3% in June to 4.4% in July.

By industry, the increase in job openings was particularly notable in manufacturing. The number of job openings in the manufacturing sector was reported at 580,000, up by 79,000 from the previous month. Of this figure, job openings in durable goods manufacturing alone increased by 76,000.

However, the increase in job postings did not translate into actual employment growth. The total number of hires in July was 5,054,000, which is a decrease of 278,000 from the previous month. The hiring rate also dropped from 3.4% to 3.2%.

The decline was primarily led by the professional and business services sector, where hiring fell by 188,000 from one month to the next. Companies’ layoffs also remained at a low level. The number of layoffs and discharges in July was 1,666,000, a decrease of 119,000 from the previous month. The layoff and discharge rate fell from 1.1% to 1.0%.

The number of voluntary quits, which measures workers who leave their jobs by choice, stood at about 3,100,000 with a quit rate of 1.9%, both figures remaining similar to the previous month. The quit rate is often cited as an indicator of workers’ confidence in finding better job opportunities.

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