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US job openings dropped to 7.2 million in July, down from 7.4 million in June, signaling a cooling labor market. This decline, below economist predictions, follows a peak of 12.1 million in March 2022. Healthcare and retail sectors saw significant job opening reductions. While layoffs increased slightly, quitting rates remained stable. The slower job growth reflects the Federal Reserve's interest rate hikes and economic uncertainty. August's employment figures are anticipated to show modest job growth, but recent revisions significantly lowered previous months' job creation numbers.

Prepared by Christopher Adams and reviewed by editorial team.