U.S. job openings dip to 7.4 million as labor market stays sturdy amid Iran tensions

U.S. employers posted 7.36 million job openings in June, a slight fall from May’s 7.54 million and in line with economists’ expectations, according to the Labor Department. The number of workers laid off remained essentially unchanged at 1.8 million, while the count of employees voluntarily leaving their jobs rose modestly, suggesting continued confidence in job prospects. Despite a surge in energy costs triggered by combat in Iran and the closure of the Strait of Hormuz, the labor market has stayed resilient, adding an average of 92,000 positions each month this year—far above last year’s sub-10,000 monthly hires.

This strength reflects reduced competition for jobs due to demographic retirements and tighter immigration rules. Forecasts for the upcoming July report predict a gain of about 100,000 jobs and an unemployment rate holding at roughly 4.2 percent. Some economists argue that, given these dynamics, the economy may not need any net job growth to keep unemployment stable.