American labor market remains sturdy as job openings rise in July

The Bureau of Labor Statistics released its Job Openings and Labor Turnover Survey for July on September 1, and the numbers paint a picture of a jobs market that refuses to buckle. Job openings climbed by 89,000 in July to reach 7.271 million, keeping the openings rate steady at 4.4%. That followed a June figure of 7.182 million, itself a solid reading. What the numbers actually say Total hires came in at roughly 5.1 million for the month, flat from June. Total separations also held at 5.1 million, meaning the labor market absorbed roughly the same number of workers as it shed. Quits held near 3.1 million, representing a 1.9% quit rate. A 1.9% rate suggests workers still think the market rewards voluntary departure, though it is cooler than the historic highs seen during the post-pandemic reshuffling years. Layoffs and discharges hovered around 1.7 million, producing a 1.0% layoff rate. The composition of those 7.271 million open positions shifted in ways worth noting. Durable goods manufacturing posted a jump of 76,000 new openings, the standout sector gain for the month. Professional and business services moved in the opposite direction, recording a drop of 188,000 in hires. Why ...