Core Insights - The U.S. labor market is showing signs of cooling, with job vacancies in July dropping to 7.18 million, the lowest level in the past ten months, indicating a gradual decrease in demand for labor by businesses [1][3] - Job vacancies have significantly declined from a peak of 12.1 million in March 2022, reflecting a cautious hiring attitude among companies amid uncertain policy environments [3][5] Industry Analysis - In the healthcare and social assistance sector, job vacancies decreased by 181,000, while the retail sector cut 110,000 positions. Conversely, there was an increase in hiring demand in wholesale trade, construction, and the federal public sector [3] - Despite a slight rise in layoffs, the number of voluntary resignations remained stable at 3.2 million, suggesting that workers' confidence in the job market is holding steady [3][5] Economic Implications - The current data indicates a weakening vitality in the job market, with the number of job vacancies falling below the number of unemployed for the first time since April 2021, signaling a new shift in the U.S. labor market [5] - Analysts believe these labor market changes will influence the Federal Reserve's future monetary policy, with expectations of potential interest rate cuts to address economic slowdown risks [8]