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Is the job market strong right now?

Unemployment is 4.2% as of July 2026. The broader U-6 measure, which includes underemployed and discouraged workers, is 7.9%.

The July 2026 Jobs Read

Worker bargaining power is weakening as job openings fall and hiring slows.

Job openings have ticked up slightly, but monthly hiring has dropped sharply and fewer people are quitting their jobs. Watch whether employers keep cutting openings faster than workers can find new roles.

Balanced Payrolls 57K Quits rate 1.9%
Data through July 2026 · Refreshed Jul 28, 2026 · Sources: FRED, BLS
Worker Power Index · higher = more leverage
56/100
Balanced
0 · Low leverage100 · High leverage
Recent trendpeak 68 · Dec 2025
Companies are hiring fewer people and posting fewer jobs, which means you have less ability to shop around or negotiate for better pay. How this score is built →
Unemployment Rate
4.2%
July 2026
Payrolls Added
57K
-72July 2026
JOLTS Openings
7.59MM
+0.0July 2026
Quits Rate
1.9%
July 2026
Wage Growth YoY
3.52%
+0.1ppJuly 2026

Unemployment vs U-6 since 2021.

The headline rate is what gets reported. U-6 counts underemployed and discouraged workers too.

Unemployment Rate U-6 Underemployment Rate

What changed

Job openings have ticked up slightly, but monthly hiring has dropped sharply and fewer people are quitting their jobs. Watch whether employers keep cutting openings faster than workers can find new roles.

What it means for you

Companies are hiring fewer people and posting fewer jobs, which means you have less ability to shop around or negotiate for better pay. This matters because a tight job market is what gave workers leverage in recent years, and that leverage is now slipping away. If job openings keep falling faster than hiring picks back up, it signals employers are regaining control and wage growth could stall.

What to watch next.

Jul31 PCE Inflation report. Watch for core PCE to confirm whether the uptick to 3.41% reflects a genuine reversal or noise. The Fed targets 2% on this measure.
Aug7 Nonfarm Payrolls report. The 57,000 print was weak. A rebound above 150,000 would ease recession fears; another decline would deepen labor market concerns.
Jul29 GDP release. Current growth stands at 2.10%. A slowdown here combined with weak jobs data could force the Fed to cut rates sooner than expected.

Latest jobs analysis.

Written after each data release. Plain English, no jargon.

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June 2026
All analysis →

Quick answers.

The questions people actually ask about the job market, answered from the data above.

What is the current US unemployment rate?
As of July 2026, the US unemployment rate is 4.2%. The broader U-6 measure, which includes underemployed and discouraged workers, is 7.9%.
Are companies still hiring?
Nonfarm payrolls changed by 57K in July 2026, and JOLTS job openings stand at 7.59M million. Fewer postings than the peak, but still an active hiring market.
Is it a good time to ask for a raise or switch jobs?
The quits rate — how many workers are voluntarily leaving jobs, a proxy for confidence — is 1.9%. Average hourly earnings are growing 3.52% year-over-year. Lower quits and cooling wage growth together suggest workers have less leverage than in recent years.
What is the Labor Leverage Index?
A 0-100 score built from job openings, payroll growth, quits rate, jobless claims, wage growth, and underemployment. Higher means more bargaining power for workers. The current read is 56 — balanced.