CNN —
It couldn’t be clearer at this point that the US labor market is cooling.
Even though the unemployment rate edged lower last month to 4.2%, joblessness is still hovering near highs not seen since the fall of 2021. On top of that, employers have hired significantly fewer workers in recent months compared to prior years and the number of job openings fell in July to the lowest level since January 2021, according to Labor Department data.
But America’s job market may have some pent-up momentum just waiting to be unleashed. That’s because
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