Workers have less bargaining power now as job growth has slowed and wage gains are cooling.
Job openings have fallen and wage growth is down to 3.09% from earlier highs. Unemployment remains low, but the labor market is losing momentum.
Unemployment vs U-6 since 2021.
The headline rate is what gets reported. U-6 counts underemployed and discouraged workers too.
What changed
Job openings have fallen and wage growth is down to 3.09% from earlier highs. Unemployment remains low, but the labor market is losing momentum.
What it means for you
Your ability to negotiate for better pay or move to a new job is weaker than it was months ago. If wages keep falling and employers have fewer reasons to compete for workers, your earning power could stall. Watch whether companies continue to hire at current levels or start cutting jobs—that will tell you if the market has truly cooled or is headed toward real trouble.
What to watch next.
Latest jobs analysis.
Written after each data release. Plain English, no jargon.
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June 2026Quick answers.
The questions people actually ask about the job market, answered from the data above.