"Jobs openings remain at healthy levels but have fallen steadily since peaking at a record 12.1 million in March 2022 as the U.S. economy roared back from COVID-19 lockdowns. The U.S. job market has lost momentum this year, partly because of the lingering effects of 11 interest rate hikes by the inflation fighters at the Federal Reserve in 2022 and 2023 and partly because President Donald Trump's trade wars have created uncertainty that is paralyzing managers making hiring decisions."
"Worse than the lackluster July hiring figures were Labor Department revisions that slashed a stunning 258,000 jobs off May and June payrolls. A furious Trump responded to the bad numbers by firing the head of the Bureau of Labor Statistics, the technocratic agency that compiles the statistics, and nominating a partisan idealogue to replace her. So far this year, the economy has been generating 85,000 jobs a month, down from 168,000 last year and an average 400,000 a month during the hiring boom of 2021-2023."
U.S. employers posted 7.2 million job vacancies in July, down from 7.4 million in June and slightly below forecasts. Healthcare and social assistance cut 181,000 openings while retailers cut 110,000. Layoffs rose modestly and quits held steady at 3.2 million. Job openings have fallen from a March 2022 peak of 12.1 million as hiring momentum slowed. Contributing factors include the cumulative effects of 11 Federal Reserve interest-rate hikes and uncertainty from trade policies. Labor Department revisions removed 258,000 jobs from May and June payrolls, and year-to-date job growth has averaged about 85,000 per month.
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