Worrying signs before the US non-farm payroll data

Job openings in the US were announced as 7.18 million in July. The expectation was 7.4 million. This situation shows that the cooling in the labor market continues.

The number of open job postings at 7.18 million also marked the second level where it fell below 7.2 million in the post-pandemic period. The last time such a low figure was recorded was in September 2024, with 7.1 million. Previously, the numbers had only dropped to these levels during the initial shock period of the pandemic. During the pandemic shock, the number of postings had fallen below 5 million.

After the pandemic, the number of job postings reached historic peaks and approached 12 million during the recovery period.

“Cracks have begun to be seen”

Heather Long, the chief economist at Navy Federal Credit Union, evaluated the figures for CNBC and stated that the labor market has begun to weaken:

“This data shows that we are at a turning point for the labor market. This low data is a sign that the cracks have now become visible. Right now, the labor market has cooled down, even frozen… Finding a job in the U.S. is very difficult…”

Very important for the Fed…

As is known, tomorrow in the US, the non-farm payroll figures for August will be announced. The expectation is that the participation in employment will be 78 thousand… This report, to be published by the US Bureau of Labor Statistics (BLS), will also be very important for the Fed's interest rate decision on September 17.

It is expected that the unemployment rate, which was announced as 4.2% in July, will rise to 4.3%.

Published: September 4, 2025 14:21 Last Update: September 4, 2025 14:25