Job openings little changed in July as soft labor market paves way for rate cut

In July, the number of job openings remained steady at 7.2 million, with an openings rate of 4.3%, according to the Bureau of Labor Statistics. While overall openings were unchanged, notable declines occurred in health care and social assistance, arts and entertainment, and mining and logging. 

Hiring activity also held steady at 5.3 million, with a rate of 3.3%. The only significant increase in hiring was observed in the “other services” category, which added 86,000 hires. These figures represent total additions to payrolls throughout the month.

Total separations — including quits, layoffs, discharges, and other exits — remained unchanged at 5.3 million and a rate of 3.3%. Quits, often seen as a measure of worker confidence, stayed flat at 3.2 million, though professional and business services saw a notable increase in quits, while construction and transportation sectors experienced declines.

Layoffs and discharges were unchanged at 1.8 million, with decreases in professional and business services but a slight uptick in the federal government. Other separations, which include retirements and transfers, fell to 272,000—a drop of 63,000 from the previous month.

Establishment size had minimal impact on labor dynamics, with small (1–9 employees) and large (5,000+ employees) firms showing little change. Revisions to June data adjusted job openings downward by 80,000, while hires and separations were revised upward, reflecting updated reports and seasonal recalculations.
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Atlanta Fed President Raphael Bostic published an essay earlier today about the Federal Reserve's focus on inflation risk, and said that evidence of a weaker labor market warrants a single quarter-point rate cut this year. “I believe that, while price stability remains the primary concern, the labor market is slowing enough that some easing in policy — probably on the order of 25 basis points — will be appropriate over the remainder of this year ... That could change, depending on the trajectory of inflation and the evolution of employment markets in the coming months,” wrote Bostic.