The Bureau of Labor Statistics reported 7.1 million open positions in August, down from 7.3 million a month earlier and the lowest since spring. That undershot all economist estimates collected by Bloomberg.
Hiring nudged higher while layoffs fell to their lowest mark since March 2025. Unemployment insurance claims are still hovering near historic lows, painting a picture of employers who are hesitant to make big additions or big cuts.
In August, there were roughly as many openings as unemployed people, a far cry from the 2 to 1 peak back in 2022. Fed officials track that ratio closely as a read on how demand for workers stacks up against supply.
The pullback in postings stretched across multiple corners of the economy. Professional and business services, health care together with social assistance, and state and local government all posted fewer openings. Manufacturing and construction also saw declines.
That slow churn is part of a broader low-hire, low-fire backdrop. It helps explain why many workers say they feel stuck where they are or find it tough to break in when fewer doors are opening.
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"The combination of low hiring and even lower layoffs and quits keeps payrolls growing but makes the labor market far less dynamic than it was a few years ago."
Also on Tuesday, the Conference Board reported that US consumer confidence fell to its weakest since 2014 in September. Fewer respondents said jobs were plentiful, more said they were hard to get, and views on the months ahead dimmed.
Limited layoffs alongside a low unemployment rate have given the Federal Reserve room to keep its attention on inflation. The central bank lifted interest rates earlier this month, its first increase since 2023, and noted that job gains had roughly matched labor-force growth, with unemployment little changed.
The monthly government jobs report set for Friday should add more color. Forecasters expect the report to show the US added 90,000 jobs in September. If labor demand keeps easing while layoffs stay tame, that is a slower, steadier market where switching jobs or breaking in may take longer.
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