The labor market pendulum has swung hard. During the pandemic recovery, workers had the upper hand—plenty of options, companies desperate to hire. Flash forward, and the dynamics have completely flipped. Now employers are calling the shots again. Job searches are stretching longer, openings have tightened up considerably. This shift matters because labor market health directly impacts consumer spending, wage inflation, and ultimately the broader economy's trajectory. As hiring slows and competition for positions intensifies, we're seeing real changes in how economic cycles unfold. Worth keeping tabs on as these trends ripple through financial markets.