Overview
- The Labor Department's JOLTS report showed job openings fell to 7.359 million in June while hires rose by 96,000 and layoffs stayed low, a pattern economists describe as 'slow‑hire, slow‑fire'.
- ADP's July private payrolls report recorded just 44,000 jobs added, with about 36,000 of those jobs in education and health services and most other sectors posting little or no growth.
- Surveys of services firms signaled strong demand but mixed hiring signals, with ISM's nonmanufacturing index at 54.1 while its employment subindex fell to 47.4, indicating services firms are ordering more work but not expanding staff broadly.
- Layoff measures remained muted as weekly initial unemployment claims held near low levels and planned job cuts dropped to a two‑year low in July, pointing to limited layoffs even as hiring cools.
- The mixed readings have kept the Federal Reserve on hold at a 3.50%–3.75% policy rate and have nudged market odds for near‑term hikes slightly lower while investors wait for Friday's official July payrolls and upcoming inflation data.