The latest job openings data confirms that the U.S. labor market is losing steam—with openings down to 7.18 million in July, their lowest since 2021, and more unemployed workers than available jobs for the first time in over four years. Why does this matter for everyone? Fewer openings and “frozen” labor churn means not only reduced wage leverage for workers, but less organic growth for consumer-oriented industries right as discretionary spending is drying up.
- Health care and retail led the drop in new jobs, despite being pandemic-era bright spots
- The “quits rate” stayed at a cautious 2%, showing less worker confidence
- Minimum job growth in August is now all but expected
This underlying weakness—confirmed by the Federal Reserve’s Beige Book—is fueling not just holiday belt-tightening, but growing calls for a September Fed rate cut as policymakers try to shore up a wobbly backdrop before things get worse.
