In July, job openings in the United States reached their lowest point in over two years.

The latest Bureau of Labor Statistics data showed a drop of 253,000 in quits, totaling 3.5 million.

The Job Openings and Labor Turnover Survey (JOLTS) reported 8.8 million job openings on July’s last business day.

The JOLTS report precedes the release of significant U.S. nonfarm payroll data later in the week.

In summary, the decline in job openings poses challenges to the labor market and prompts considerations about the Federal Reserve’s future policy actions.