U.S. job openings increased by 89,000 to 7.271 million in July, pushing the vacancies-to-unemployed ratio to 1.05, its highest level since January 2025, even as hiring fell sharply. Employers added 5.054 million workers during the month, down 278,000 from June, and the hiring rate declined to 3.2% from 3.4%, underscoring a labor market where demand remains elevated but companies have become more cautious. The August employment report, due at 8:30 a.m. Eastern, is expected to show 53,000 nonfarm jobs were added after payrolls fell by 23,000 in July, while the unemployment rate is forecast to remain at 4.1%. Forecasts cited in earlier reports ranged from a Reuters consensus of 55,000 to 56,000 jobs to a 53,000 estimate in a Dow Jones poll. Markets have focused on whether the report will alter expectations for the Federal Reserve's Sept. 15-16 meeting. Federal Reserve Governor Christopher Waller said he was inclined to support holding the target range at 3.5% to 3.75%, helping drive Treasury yields lower and bringing September rate-hike odds back to roughly even after they reached 70% earlier in the week. U.S. equity futures were mixed ahead of the data after a strong Thursday rally, while diesel prices reached a record $5.85 a gallon.