The U.S. labor market is showing signs of cooling, a welcome relief for policymakers at the Federal Reserve looking for evidence that interest rate hikes are having the desired effect of slowing the economy. Morning Consult data likewise shows hints of cooling, with the incidence of lost pay or income ticking higher, the share of workers working full time down considerably from last year’s peak, and fewer employees reporting staffing shortages compared with 2021 and 2022.
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