US Job Market Cools Amid Economic and Trade Uncertainty

The American job market is showing signs of cooling, as employers posted 7.4 million job vacancies last month, a slight drop from 7.7 million in May, according to the Labour Department. Despite little change in layoffs, the number of people quitting their jobs—a sign of confidence in future job prospects—also fell.

The slowdown is attributed to a series of interest rate hikes by the Federal Reserve and uncertainty stemming from President Donald Trump's trade policies, which have created hesitation among managers about hiring. These factors have led to a loss of momentum in the job market this year.

Unemployment is expected to tick up to 4.2% in July from 4.1% as businesses, government agencies, and nonprofits are anticipated to add 115,000 jobs, down from 147,000 in June. June's private payrolls saw a modest rise, with private sector jobs increasing by 74,000— the lowest since last October, affected by hurricanes. State and local governments added education jobs, numbers likely influenced by seasonal factors.

(With inputs from agencies.)