U.S. job openings rise slightly to 7.3 million as labor market remains sturdy despite higher costs

U.S. employers added slightly more job openings in July, according to the Labor Department’s report, while the labor market remained robust despite rising costs that are affecting household budgets. Job openings rose to 7.27 million in July from 7.18 million in June. Layoffs also declined, while the number of people quitting their jobs fell, indicating confidence in their job prospects.

However, the rate of net hiring — before accounting for those who lost or quit jobs — slowed to 5.1 million in July from 5.3 million in June. The overall hiring pace for the year has been lackluster, with employers adding an average of 61,000 net jobs per month, a significant drop from the below 10,000 monthly jobs added in 2025.

Despite the sluggish hiring, the labor market remains resilient. The unemployment rate stayed at a historically low 4.1% in July, and unemployment benefit applications continue to be low. Heather Long, chief economist at Navy Federal Credit Union, noted that the market is currently in a "low fire, low hire" mode as the conflict in Iran persists and borrowing costs have surged, leading companies to become more cautious about expansion.