- Month-to-month job gains remain "substantial" compared to the pre-pandemic average of 90,000 new payrolls a month, but there are signs that labor demand is cooling.
- San Francisco Fed economist Nicolas Petrosky-Nadeau says falling job openings and quits rates signal the Fed is "on a good path toward witnessing an orderly slowdown in the labor market."
- An aging population explains almost all of the decline in participation since the pandemic, he says.
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