The labor market is no longer cooling down to its pre-pandemic temperature, it's dropped past it," writes Nick Bunker of Indeed Hiring Lab in a note.
A continued decline in the job vacancy rate and the vacancy-to-unemployment ratio may lead to a larger increase in unemployment than we have seen the past two years," said Fed governor Christopher Waller in July.
The report also included some more promising news about the state of the job market, with both the rate at which employers hired new workers and the rate at which workers voluntarily quit their job ticking up as well.
Until recently, the drop in job openings has occurred alongside low, steady unemployment—a key mechanism that has allowed the labor market to cool without mass job losses or recession.
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