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US job openings slip to 7.4 million, but labor market remains resilient
ABC News - Breaking News, Latest News and Videos • • general
Key Points:
- U.S. job openings slightly declined to 7.36 million in June from 7.54 million in May, but remained consistent with economists' expectations, indicating labor market resilience despite geopolitical tensions in Iran and the Strait of Hormuz closure.
- Layoffs remained steady at 1.8 million, while quits increased slightly, reflecting worker confidence in job prospects amid economic uncertainty.
- Job growth has improved in 2025, with an average of 92,000 jobs added monthly compared to under 10,000 last year, signaling recovery from a previous slump influenced by high interest rates and economic policy unpredictability.
- The upcoming July jobs report is forecasted to show 100,000 new jobs and a steady unemployment rate of 4.2%, suggesting continued labor market stability.
- Due to factors like immigration policies and Baby Boomer retirements, fewer new jobs are needed to maintain low unemployment, with some economists estimating the break-even job creation rate could be near zero.
