Job Market Settling Into More Stable Period with Ongoing Growth, Slowing Wage Gains
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The job market is settling into a more stable, "boring" period like 2018-2019, with less drama compared to pandemic swings. Steady job growth continues.
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Wage growth and quit rates have cooled down from peaks in 2021-2022, but workers still have bargaining power. Layoffs remain low.
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The labor market resilience means feared recession may not emerge. Stability amid tight policy is a good sign.
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Job switchers still see strong wage growth, though slower than 2021. Real wage growth remains positive for switchers and stayers.
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Initial jobless claims low, unemployment steady around 3.8%. Signals large-scale layoffs not emerging.