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

U.S. employers reported 7.36 million job openings in June 2026. The level changed by -178,000 positions from the previous published month.

Labor force participation stood at 61.4%, while the broader U-6 underemployment rate was 7.9%. 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.