Berger noted, "Things are good, not great. We have unemployment, but it's low by historical standards. It's a low level, but it's going up very slowly. The labor market is cooling gradually, not accelerating towards recession."
Berger explained, "In the labor market, employers' headcount strategy seems to have changed due to past experiences. They are hesitant to lay off employees and prefer to limit new hires instead."
Simonsen and Berger discussed the parallels between housing and labor markets, with Berger emphasizing, "The 'Great Stay' phenomenon reflects people's reluctance to sell their homes just as employers are hesitant to let go of their staff."
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