Job openings and the hidden slack in the U.S. labor market

U.S. employers reported 7.27 million job openings in July 2026. The level changed by 89,000 positions from the previous published month.

Labor force participation stood at 61.6%, while the broader U-6 underemployment rate was 7.7%. Openings measure employer demand; participation and underemployment describe the available workforce and unused labor capacity.

Job openings are not hires, and the series can be revised. Reading these measures together gives a more complete view than treating vacancies alone as a measure of labor-market strength.