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Why it matters: There are now just under 3 million more job openings than unemployed workers, the first time that figure has been under 3 million since September 2021.

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By the numbers:

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• Openings decreased in professional and business services (-198,000); health care and social assistance (-130,000); state and local government, excluding education (-67,000); state and local government education (-62,000); and federal government (-27,000).

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• Openings increased in information (+101,000) and in transportation, warehousing, and utilities (+75,000).

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• More than 3.5 million people quit their jobs in July, down from the 4.45 million all-time high in March 2022, still historically high, but down from more than 4 million quits in June.

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Our take: The labor market remains tight overall. Hiring remained at the same level as June, and quits dropped, but only slightly. Businesses are still adding workers and workers are still confident they can quit their jobs and find better ones easily.

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