U.S. job openings declined by 176,000 in July, falling to 7.181 million, according to the Labor Department’s JOLTS report, a sharper drop than the expected 7.378 million.

The big picture: Hiring rose modestly by 41,000 to 5.308 million in July, indicating only moderate improvement in labor demand. • Layoffs increased slightly by 12,000, reaching 1.808 million, reflecting growing caution among employers. • Recent employment gains have averaged only 35,000 jobs per month over the last three months, significantly down from 123,000 per month in the same period last year.

What we’re watching: The unemployment rate is forecasted to edge up to 4.3% in August from 4.2% in July, indicating slight weakening in the labor market. • Federal Reserve Chair Jerome Powell has hinted at a possible i

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