July JOLTs job openings dip to 7.271M, missing 7.300M forecast

• The previous month's job openings totaled 7.182 million.
• For July, JOLTs job openings registered 7.271 million, below the 7.300 million consensus estimate.

The Bureau of Labor Statistics released the following details:

• Job openings were little changed at 7.3 million in July, with the openings rate remaining at 4.4%. Durable goods manufacturing saw an increase of 76,000 openings.
• Hires held steady at 5.1 million, a hiring rate of 3.2%. Hiring in professional and business services fell by 188,000, a softer detail.
• Total separations were nearly flat at 5.1 million, a rate of 3.2%. No significant changes across industries.
• Quits remained at 3.1 million, with a quits rate of 1.9%. Quits in other services declined by 46,000. Workers showed no greater willingness or ability to leave their jobs.
• Layoffs and discharges were little changed at 1.7 million, a rate of 1.0%. Finance and insurance layoffs decreased by 22,000.
• Other separations, including retirements and other departures, were essentially unchanged at 350,000.

Overall, the report was broadly steady with a few softer details. Hiring and quits did not pick up, and the decline in professional and business services hiring stood out as a weak spot. Layoffs remained stable, providing no sign of accelerating job cuts. The labor market is holding its ground rather than gaining momentum.

The US jobs report is due out on Friday at 8:30 AM ET.