Everyday Economics: Stalled labor market and key data points

(The Center Square) – Last week’s jobs report wasn’t a “good” report, but it wasn’t a collapse either. Payrolls are still growing modestly, and the unemployment rate hasn’t spiked. Even so, the underlying message is clear: the labor market has lost momentum. That distinction matters with the Federal Reserve’s next rate decision just two weeks away. What We Learned From the Jobs Report Two features of the report deserve more attention than the headline payroll number. First, job growth remains narrow and uneven. Hiring rates are low, employment gains lack breadth, and fewer industries are adding workers. That’s not what a healthy expansion looks like. It’s consistent with an economy where firms are cautious – slowing hiring rather than cutting aggressively. Second, labor supply now exceeds labor demand. There are roughly 7.5 million people actively looking for work, up by 583,000 over the course of 2025. At the same time, job openings have fallen to around 7.1 million. That crossover ma