US Labor Market Barely Changed in July as Hiring and Layoffs Eased

The U.S. Labor Department's monthly Job Openings and Labor Turnover Survey showed July job openings and hiring were little changed, signaling a labor market stuck in a low-hiring, low-layoff pattern. According to Sina Finance, July job openings were about 7.3 million, slightly above the revised 7.2 million in June. Hiring was also steady, with 5.1 million people finding new jobs in July, down slightly from 5.3 million in June, while professional and business services saw job losses. The hiring rate was 3.2%, layoffs totaled 1.7 million, and the layoff rate was 1.1%. The quit rate, a gauge of workers' willingness to change jobs, was 1.9%. According to Sina Finance, the U.S. labor market has shown weak hiring and relatively few layoffs this year, prompting many workers to stay in their current jobs. The U.S. Bureau of Labor Statistics will release August employment data on Friday.