Hiring and job-switching slowed as labor market mobility weakened

U.S. employers posted 7.3 million job openings in July, unchanged from June after a downward revision, while hiring, layoffs and quits remained near historically low levels, according to federal data.

The hiring rate fell to 3.2% from 3.4% in June. The lower quitting rate suggested workers had fewer opportunities to leave for better-paying jobs, even as the layoff rate edged down.

The data could allow the Federal Reserve to focus more on inflation when considering interest-rate policy, while employers remain cautious about expanding payrolls.

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