Labor economists find reassuring signs in the current state of the U.S. job market, offering hope to both jobseekers and policymakers.
It's uncertain the extent and how fast the market will cool, but there are six essential things workers and jobseekers should know right now.
Job growth is undeniably slowing down. For instance, in August, the three-month average showed an addition of 150,000 jobs, compared to 201,000 in June.
There is an appearance of rising unemployment, but this is due to more individuals entering the labor force and actively seeking employment.
The "great resignation" trend that saw a historically high rate of workers quitting their jobs is now over. Numbers have fallen back to pre-pandemic levels.
Labor market conditions have largely returned to normal, following the pandemic.
The good news for workers is that "real" wages, net earnings after living costs, are now rising after a period of decline.
While opportunities exist, competition is increasing, making it essential to apply quickly and frequently.
This new dynamic job market is exciting, but it's important to prepare for increased competition.