Job market shows continued strength as July openings rise

The US job market stayed relatively stable in July, but employers showed little urgency to expand their workforce.

Job openings rose to 7.27 million, up from 7.18 million in June, according to the Labor Department data. At the same time, layoffs declined, suggesting companies are still holding on to workers despite higher costs and economic uncertainty.

However, hiring weakened. Employers hired about 5.1 million people during the month, down from 5.3 million in June. Workers also became less likely to leave their jobs, pointing to growing caution among employees.

The labor market has cooled significantly compared with stronger periods, but it has avoided a major downturn.

The unemployment rate remains low at 4.1%, while employers have added an average of 61,000 jobs per month this year.