United States job openings fell in July to a total of 7.2 million. That’s a stark decline in this figure. Ignores an odd reading from last fall, that’s the lowest level since September 2024. The decline comes at an unusual moment, as economists had predicted a booming labor market. Their initial estimates had been for roughly 7.4 million job openings.
That July data indeed points to the emerging trend of continued weakening in the nation’s labor market. That decline has really hit home through the anecdotal evidence that we’ve been hearing these past few months. The current level of job openings has dropped under 7.2 million for the second time since late-2020’s peak. This steep drop has trucking, technology, and other industry pros worried about a broader blue collar chill setting in to job markets.
Heather Long, chief economist at Navy Federal Credit Union, made a statement about the meaning behind these figures. She noted that July’s reading represents a meaningful trend shift in the labor market.
“This is a turning point for the labor market,” – Heather Long
This drop in job openings set off alarm bells. Economists and job seekers alike are right to be concerned about the health of the U.S. labor market. Long further elaborated on these concerns, stating,
“This is yet another data point underscoring how this job market is frozen and it’s difficult for anyone to get a job right now,” – Heather Long
These new numbers immediately beg the question, what will the employment trend look like in the future? That’s particularly true, as we count down the days until Thursday’s weekly jobless claims data is released, followed by Friday’s comprehensive jobs report. Our next reports will provide more detailed views of our evolving labor landscape. Those could indicate whether the drop seen in July was merely a fleeting blip, or the beginning of a more extended trend.
Retail stores such as this Journeys location in Brooklyn, New York often have “Now Hiring” signs in the window. Beneath these optimistic ads lies an understanding of the significant hurdles that job seekers face amid our current economy.