FILE - A utility crew works at a site in Chicago on June 27, 2024. On Tuesday, July 30, 2024, the Labor Department reports on job openings and labor turnover for June. WASHINGTON — U.S. job openings fell slightly last month, a sign that the American labor market continues to cool in the face of high interest rates.
The U.S. economy and job market have proven remarkably resilient despite the Federal Reserve’s aggressive campaign to tame inflation by raising its benchmark interest rate to a 23-year high. But higher borrowing costs have taken a toll: Job openings peaked in 12.2 million and have come down more or less steadily ever since.
The Labor Department releases July numbers on job creation and unemployment on Friday. According to a survey of forecasters by the data firm FactSet, the economy likely created 175,000 jobs in July, decent but down from 206,000 in June. The unemployment rate is forecast to have stayed at a low 4.1%.