US job openings hold near 7.3 million as hiring and quits stay steady

The July JOLTS report in plain English

The Job Openings and Labor Turnover Survey, commonly called JOLTS, is useful because it looks beyond the number of people employed. It tracks how many positions employers are trying to fill, how many workers are being hired, how many are quitting voluntarily and how many are being laid off or discharged. In July 2026, most of those measures changed relatively little.

Job openings stood at about 7.3 million, representing 4.4% of employment plus openings. Hires were about 5.1 million and the hires rate was 3.2%. Total separations were also about 5.1 million. Within separations, quits were about 3.1 million and layoffs and discharges were about 1.7 million.

The important word in the report is stability. None of the major national flows showed the kind of abrupt move that would by itself signal a labor-market break. At the same time, stable does not mean exceptionally strong. The pace of hiring and quitting is more restrained than during periods when workers were switching jobs at unusually high rates.

Why job openings and hires tell different stories

An opening is a position an employer says it is actively recruiting to fill, while a hire is an actual addition to payroll. The gap between openings and hires can reflect recruiting time, skill mismatches, wage expectations, geography or employers keeping requisitions open while becoming more selective.

That distinction is important for job seekers. A large number of openings does not automatically mean it is easy to get hired. Applicants can still experience long search times if employers are cautious, if openings are concentrated in different occupations or if candidates and companies disagree on pay and experience requirements.

For businesses, a steady openings rate can mean demand for labor remains present even if firms are not rushing to expand headcount. Managers may fill critical vacancies while delaying discretionary hiring until they have more confidence about demand, financing costs and the broader economy.

The quits rate is a useful confidence signal

Quits are usually voluntary, which is why economists watch them as one indicator of worker confidence. People are more likely to leave a job when they believe another opportunity is available or when they are comfortable taking the risk of a transition. In July, quits were little changed at 3.1 million and the quits rate was 1.9%.

A lower-churn environment can reduce wage pressure because employers have less need to match outside offers or replace departing workers. It can also make the labor market feel less dynamic to employees who want to move into a better-paid role. Stability benefits some workers and frustrates others.

The quits number should not be interpreted as a direct measure of satisfaction. People leave jobs for many reasons, and some workers who would prefer to move may stay because the market feels uncertain. It is best used with hiring, unemployment and wage data.

What layoffs do and do not show

Layoffs and discharges were little changed at 1.7 million in July, with a national rate of 1.0%. That does not mean layoffs are absent. High-profile job cuts can be significant for the workers and communities affected while remaining small relative to a national workforce measured in the hundreds of millions.

Industry detail is therefore important. The July report showed layoffs and discharges decreasing in finance and insurance, while other industries were generally little changed. A national average can smooth over sharp changes inside individual companies or sectors.

For readers following recession risk, a broad and sustained rise in layoffs would be more concerning than isolated corporate announcements. The July data did not show that kind of national surge.

How JOLTS fits with the stronger August payroll report

JOLTS for July and the employment report for August measure different periods and different concepts, but together they provide a more complete view. July showed a labor market with fairly stable openings, hiring and separations. August then showed a pickup in payroll growth to 162,000 jobs with unemployment still at 4.1%.

That combination is consistent with an economy that is still adding workers but is not experiencing the extreme labor turnover seen earlier in the decade. Employers can continue hiring while workers become less likely to quit, especially when uncertainty makes both sides more selective.

The next JOLTS release, covering August, is scheduled for September 29. It will help show whether the stronger August payroll gain was accompanied by a broader pickup in openings or hiring activity.

What workers, employers and policymakers should watch next

Workers should pay attention to hiring rates and industry openings rather than relying only on the national openings total. Employers should watch whether the pool of applicants is becoming easier to recruit from and whether wage pressure continues to cool. Policymakers will compare these flows with unemployment, payroll growth, inflation and wages.

The Federal Reserve does not target a particular number of job openings, but JOLTS helps officials judge whether labor demand is running too hot, too cold or close to balance. Stable openings with moderate wage growth can look different from rapidly rising openings paired with accelerating pay.

For now, July points to gradual adjustment rather than a sudden labor-market shock. That conclusion can change as new data arrive, which is why the August JOLTS release and September employment report will matter for confirming or challenging the trend.

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