Job openings have fallen sharply from their pandemic-era highs, while employers are taking longer to hire and becoming more selective.
• Fewer vacancies mean less leverage for workers seeking higher pay or better conditions.
• Hiring has weakened across several industries, signaling that businesses are preparing for slower growth.
• Layoffs remain relatively contained, but the lack of new opportunities is making the market feel increasingly restrictive.
• Economists say the slowdown could persist as elevated interest rates continue to weigh on investment and consumer demand.
• Workers who lose their jobs may face longer searches, particularly in sectors that expanded rapidly during the recovery.
The labor market is not collapsing, but its earlier strength has clearly faded. For households, that shift could affect wage growth, career mobility and confidence in the broader economy. For policymakers, the challenge is to cool inflation without pushing employment into a deeper downturn.