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US labor market still sturdy with July job opening up slightly
AP News • • general
Key Points:
- U.S. job openings increased slightly to 7.27 million in July from 7.18 million in June, indicating a stable but not booming labor market amid rising household costs.
- Layoffs decreased in July, but the number of people quitting jobs also fell, suggesting workers have less confidence in finding new employment opportunities.
- Gross hiring dipped to 5.1 million in July from 5.3 million in June, reflecting cautious employer behavior despite continued job additions averaging 61,000 net jobs per month so far in 2024.
- The unemployment rate remains low at 4.1%, with weekly unemployment claims staying minimal, signaling a labor market with low firing and hiring activity due to economic uncertainties and geopolitical tensions.
- Forecasts for August predict a modest job gain of 65,000 and a slight rise in the unemployment rate to 4.2%, highlighting ongoing cautiousness among employers amid elevated borrowing costs and global instability.
