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Here's your money briefing for Friday July 26th. I'm J.R. Whelan for the Wall Street Journal.

For the past several years job seekers held the balance of power. The fierce competition for

workers allowed them to jump to new positions and collect sizable pay raises.

Those looking for work in the current labor market don't have it as easy.

We've seen the number of open jobs for each unemployed person come back down to pre-pendemic levels.

So it's about 1.2 open jobs per unemployed person now

versus two during the peak of the red-hot job market

during COVID.

So the kind ofhot job market during COVID. So the kind of crazy job market

that many workers were benefiting from for several years

there after COVID began has now come to an end.

Wall Street Journal Economics reporter Gene Whelan will join us after the break. The once in a lifetime red-hot jobs market may be over. Wall Street Journal economics reporter Jean Whelan joins me.

Now Jean, just to clear something up, you and I aren't related, right?

We are not related. We have the best last name on the planet, but we are not related.

Okay. What changes have we seen in the labor market recently that have led us to this point?

So we've seen the unemployment rate ticking up slowly month to month to about 4.1% last month and that's up from 3.4% early last year. We've seen the hiring rate falling below where it was before COVID,

so it had soared during the pandemic, but it's now come back to Earth and is about where it was before COVID.

And we've seen the number of open jobs for each unemployed person come back down to pre-pendemic levels as well.

...