Employers posted 7.4 million job openings in June, signaling that the U.S. job market is continuing to slow down. This figure is down from 7.7 million in May and roughly in line with economists’ expectations, according to the Labor Department’s report released Tuesday. While layoffs remained steady, the number of workers quitting their jobs—often seen as a sign of confidence in finding better opportunities—fell to its lowest point since December. Hiring also declined compared to the previous month.
The slowdown reflects a combination of factors, including the lasting impact of 11 interest rate hikes by the Federal Reserve in 2022 and 2023, and ongoing uncertainty caused by trade policies under President Donald Trump, which have made employers cautious about hiring. July’s unemployment and hiring data, expected later this week, are predicted to show a slight rise in unemployment to 4.2% and slower job growth. Overall, hiring growth this year remains modest compared to the robust pace seen during the post-pandemic recovery, with employers hesitant to increase staff but also not significantly increasing layoffs, which remain below pre-pandemic levels.