America's job openings fell to 7.7 million in July, marking a decrease from 7.9 million in June, the lowest level since January 2021. This suggests a cooling in hiring activity.
Layoffs increased to 1.76 million, consistent with pre-pandemic levels, highlighting that although job cuts are up, they are not excessively alarming given the job market's conditions.
Although total hiring rose to 5.5 million in July from a four-year low of 5.2 million in June, the number of quits remains significantly below pre-pandemic levels, indicating moderated worker mobility.
Stephen Stanley pointed out that July's job openings were still about 7% higher than in 2019, suggesting a solid, albeit moderating, labor demand despite recent consumer spending growth.
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