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America's top central banker says the job market is back to normal. Is that right?

·1 min

America’s central banker recently said the job market now looks similar to before the Covid-19 pandemic. However, ZipRecruiter’s chief economist disagrees with this assessment. The economist states that while the labor market has improved, there are key differences compared to the pre-pandemic period. The job market is slower in terms of hiring, firing, and job switches. The economist attributes this slowdown to high interest rates and risk aversion among businesses. Additionally, there is a persistently wide gap between job openings and unemployed individuals seeking work. This suggests that the labor market may be less tight than in 2019.