The job market is cooling — still solid, but losing momentum.

Unemployment Rate

Unemployment: 4.10% — Unemployment is steady at 4.1%, near its recent lows. That’s the 18th percentile of all its readings since 1948.

How we score this: ok below 0.50 pts · watch 0.50 pts and up full method

Nonfarm Payrolls · monthly change

Payrolls: 162,000 — Employers added 162,000 jobs last month — a healthy clip. That’s the 51st percentile of all its readings since 1939.

How we score this: alert below 0 · watch 0 to 150,000 · ok 150,000 and up full method

Job Openings (JOLTS)

Openings: 7.30M — 7.3 million open jobs, holding roughly steady. That’s the 80th percentile of all its readings since 2000.

How we score this: watch below 7.50M · ok 7.50M and up full method

Wage Growth · year-over-year

Wages: 3.09% — Pay is up 3.1% from a year ago, a solid pace. That’s the 53rd percentile of all its readings since 2007.

How we score this: elevated below 2.00% · watch 2.00% to 3.00% · ok 3.00% and up full method

Wages: its lowest in recent readings.

Quits Rate (JOLTS)

Quits: 1.90% — The quits rate is 1.9%, little changed from a year ago. That’s the 28th percentile of all its readings since 2000.

Why it isn’t scored: The quits rate tends to track workers' confidence in finding another job — shown for context; the verdict is carried by unemployment, payrolls, and openings.

Quits: its lowest in recent readings.

Labor-Force Participation Rate

Participation: 61.60% — Labor-force participation is 61.6%, down 0.7 points from a year ago. That’s the 37th percentile of all its readings since 1948.

Why it isn’t scored: This level drifts with demographics — the job-market verdict is carried by unemployment, payrolls, and job openings.