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Estimates from the National Federation of Independent Business suggest that the labor market might be on its way to cooling down.
NFIB’s compensation plans index fell to 25% from its peak in December 2021 - still a lot, but considerably lower than their plans just a few months ago.
At the same time, the labor quit rate (which counts the number of workers voluntarily leaving their job for another job) appears to also be coming off its peak.