Jobs are no longer much more plentiful than available workers, per NYT

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The American job market is undergoing a transformation. After years of worker shortages and aggressive hiring, employers are pulling back, leaving fewer opportunities for job seekers. The balance has shifted, with available workers now outnumbering open positions in several industries.

The Federal Reserve’s interest rate hikes have played a major role in cooling the labor market. Businesses that once scrambled to fill vacancies are now exercising caution, reducing hiring plans and focusing on cost control. The pace of job creation has slowed, and voluntary quits—once a sign of worker confidence—have dropped significantly.

The numbers tell the story. The latest data shows that job openings have declined to their lowest level since 2013, excluding the early pandemic months. Hiring rates have fallen, and fewer workers are leaving their jobs for new opportunities. The once-booming labor market, fueled by post-pandemic recovery, is settling into a more restrained phase.

Sources:

https://www.cnbc.com/2024/12/23/why-the-great-resignation-became-the-great-stay-labor-economists.html

https://www.theatlantic.com/economy/archive/2025/02/jobs-unemployment-big-freeze/681831/

https://economics.bmo.com/en/publications/detail/8ee967dc-5a7b-4687-bb28-499a980cf2a1/