The job market is flipping its script: fewer workers entering the workforce, thanks to tighter immigration and aging baby boomers, means unemployment might stay steady even as hiring slows — turning “jobless expansion” into a new economic norm. Employers are holding tight to staff, fearing hard-to-fill replacements, while the Fed may skip rate cuts since layoffs aren’t looming. It’s a recalibrated labor landscape we’re all navigating.

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