# Nick Bunker argues in Indeed Hiring Lab that the US labor market is slowing, not stalling [Canonical reading](https://escapemeridian.com/readings/nick-bunker-argues-in-indeed-hiring-lab-that-the-us-labor-b4dd24f0) Published April 7, 2023, Nick Bunker argues in Indeed Hiring Lab that the US labor market is slowing rather than stalling: hiring and wage growth are moderating, while unemployment remains low. Bunker says easing demand for new hires is still strong enough to draw more workers into the labor market, and that this return of workers, alongside easing employer demand, is moderating wage growth. He points to the share of workers ages 25 to 54 with a job reaching its highest level since May 2001. He also reports that average hourly earnings grew more slowly over the past three months than in December, but cautions that the slowdown is more rapid than the trend in other data. He says other wage data, including the Employment Cost Index, will be important for assessing whether this trend holds. Bunker characterizes the labor market’s transition as gradual and, for now, largely sustainable and healthy—not an abrupt end to the jobs growth of the past couple of years. The evidence in the article leaves open whether other wage measures will show the same slowdown. Headline and summary by Escape Meridian, prepared by Luna from the attributed source. A source check is not independent confirmation of the source’s claims. ## Original source Indeed Hiring Lab · Article Original source date: Apr 7, 2023 (2023-04-07). Date basis: Date from the publisher’s archive: its article address or archive listing. Added to Escape Meridian: 2026-10-30T23:42:27.604Z. First observed: 2026-10-30T15:30:26.216Z. Retrieved: 2026-10-30T15:31:45.893Z. - [March 2023 Jobs Report: Winding Down to a Sustainable Pace](https://hiringlab.indeed.com/2023/04/07/march-2023-jobs-report/) ## Limits Text as retrieved on October 30, 2026; originally published April 7, 2023. The page is marked as edited after publication. The retrieved text does not identify which passages, if any, were added or changed after the original publication date. Bunker says the wage slowdown needs comparison with other data; this article does not establish whether those other measures show the same trend. ## Open question Will other wage data, including the Employment Cost Index, show the same slowdown in wage growth? ## Source-stated Nick Bunker argues that the US labor market is slowing rather than stalling, with unemployment remaining low as hiring and wage growth moderate. > The US labor market has lost some speed, but all indications are that it’s slowing down not stalling. - [Supporting source](https://hiringlab.indeed.com/2023/04/07/march-2023-jobs-report/) ## Source-stated Bunker says demand for new hires remains strong enough to draw more workers into the labor market, while the return of workers and easing employer demand are moderating wage growth. > Demand for new hires is easing, but it’s clearly strong enough to bring workers back into the labor market. - [Supporting source](https://hiringlab.indeed.com/2023/04/07/march-2023-jobs-report/) ## Source-stated Bunker reports that the share of workers ages 25 to 54 with a job reached its highest level since May 2001. > The share of workers ages 25 to 54 with a job hit 80.7% in March, its highest level since May 2001. - [Supporting source](https://hiringlab.indeed.com/2023/04/07/march-2023-jobs-report/) ## Source-stated Bunker reports a slowdown in wage growth but says other wage data will be important for assessing the trend. > It’ll be important to see if other wage data, like the Employment Cost Index released later this month, confirms this trend. - [Supporting source](https://hiringlab.indeed.com/2023/04/07/march-2023-jobs-report/) ## Source-stated Bunker describes the labor market’s shift as gradual and, for now, largely sustainable and healthy. > the party is already winding down—there’s no need to crash it. - [Supporting source](https://hiringlab.indeed.com/2023/04/07/march-2023-jobs-report/) ## Source and contributor context Indeed Hiring Lab · Publisher The publisher is identified here. No individual author has been inferred. ## Source media Media retrieval status: unchecked. ## Terms and references Reference context selected by Escape Meridian; separate from source evidence. Entity mentions do not establish authorship, involvement or endorsement. ## Editorial provenance Version 1. Publication ID: 7e3f070c-79da-38f6-163a-10ad39e44adc. Prepared by openai/gpt-6-luna; grounding review by anthropic/claude-opus-5.5. Source check: passed by anthropic/claude-opus-5.5 on 2026-10-30T23:42:23.524Z. This checks fidelity to the source, not whether its claims are independently true. Editorial selection: accept; reasons: bridge\_admitted\_by\_model. Observation: 896551f247b8df082a15d3a9a47fba98859ea93663b55edda449ac52f9cebf3a. Source text hash: d8794dece2bfc0496d1251ca3b40bee3b175dd7c70f6007d62f9159814ac08d0. ## Revision and source-check history ### Version 1 — 2026-10-30T23:42:27.604Z Published April 7, 2023, Nick Bunker argues in Indeed Hiring Lab that the US labor market is slowing rather than stalling: hiring and wage growth are moderating, while unemployment remains low. Bunker says easing demand for new hires is still strong enough to draw more workers into the labor market, and that this return of workers, alongside easing employer demand, is moderating wage growth. He points to the share of workers ages 25 to 54 with a job reaching its highest level since May 2001. He also reports that average hourly earnings grew more slowly over the past three months than in December, but cautions that the slowdown is more rapid than the trend in other data. He says other wage data, including the Employment Cost Index, will be important for assessing whether this trend holds. Bunker characterizes the labor market’s transition as gradual and, for now, largely sustainable and healthy—not an abrupt end to the jobs growth of the past couple of years. The evidence in the article leaves open whether other wage measures will show the same slowdown. ## Original source Indeed Hiring Lab · Article Original source date: Apr 7, 2023 (2023-04-07). Date basis: Date from the publisher’s archive: its article address or archive listing. Added to Escape Meridian: 2026-10-30T23:42:27.604Z. First observed: 2026-10-30T15:30:26.216Z. Retrieved: 2026-10-30T15:31:45.893Z. - [March 2023 Jobs Report: Winding Down to a Sustainable Pace](https://hiringlab.indeed.com/2023/04/07/march-2023-jobs-report/) ## Limits Text as retrieved on October 30, 2026; originally published April 7, 2023. The page is marked as edited after publication. The retrieved text does not identify which passages, if any, were added or changed after the original publication date. Bunker says the wage slowdown needs comparison with other data; this article does not establish whether those other measures show the same trend. ## Open question Will other wage data, including the Employment Cost Index, show the same slowdown in wage growth? ## Source-stated Nick Bunker argues that the US labor market is slowing rather than stalling, with unemployment remaining low as hiring and wage growth moderate. > The US labor market has lost some speed, but all indications are that it’s slowing down not stalling. - [Supporting source](https://hiringlab.indeed.com/2023/04/07/march-2023-jobs-report/) ## Source-stated Bunker says demand for new hires remains strong enough to draw more workers into the labor market, while the return of workers and easing employer demand are moderating wage growth. > Demand for new hires is easing, but it’s clearly strong enough to bring workers back into the labor market. - [Supporting source](https://hiringlab.indeed.com/2023/04/07/march-2023-jobs-report/) ## Source-stated Bunker reports that the share of workers ages 25 to 54 with a job reached its highest level since May 2001. > The share of workers ages 25 to 54 with a job hit 80.7% in March, its highest level since May 2001. - [Supporting source](https://hiringlab.indeed.com/2023/04/07/march-2023-jobs-report/) ## Source-stated Bunker reports a slowdown in wage growth but says other wage data will be important for assessing the trend. > It’ll be important to see if other wage data, like the Employment Cost Index released later this month, confirms this trend. - [Supporting source](https://hiringlab.indeed.com/2023/04/07/march-2023-jobs-report/) ## Source-stated Bunker describes the labor market’s shift as gradual and, for now, largely sustainable and healthy. > the party is already winding down—there’s no need to crash it. - [Supporting source](https://hiringlab.indeed.com/2023/04/07/march-2023-jobs-report/) ## Source and contributor context Indeed Hiring Lab · Publisher The publisher is identified here. No individual author has been inferred. ## Source media Media retrieval status: unchecked. ## Terms and references Reference context selected by Escape Meridian; separate from source evidence. Entity mentions do not establish authorship, involvement or endorsement. ## Editorial provenance Version 1. Publication ID: 7e3f070c-79da-38f6-163a-10ad39e44adc. Prepared by openai/gpt-6-luna; grounding review by anthropic/claude-opus-5.5. Source check: passed by anthropic/claude-opus-5.5 on 2026-10-30T23:42:23.524Z. This checks fidelity to the source, not whether its claims are independently true. Editorial selection: accept; reasons: bridge\_admitted\_by\_model. Observation: 896551f247b8df082a15d3a9a47fba98859ea93663b55edda449ac52f9cebf3a. Source text hash: d8794dece2bfc0496d1251ca3b40bee3b175dd7c70f6007d62f9159814ac08d0. ### passed — 2026-10-30T23:42:23.524Z — anthropic/claude-opus-5.5 Publication: 7e3f070c-79da-38f6-163a-10ad39e44adc attribution — pass: The reading correctly attributes the analysis to Nick Bunker writing for Indeed Hiring Lab, matching the byline. Its arguments are framed as his and are not presented as established fact. > By Nick Bunker April 7, 2023 summary — pass: The reading faithfully conveys the central argument that the market is slowing, not stalling, along with the participation and wage points and Bunker's caution about other data. A general reader can follow it. The Employment Cost Index is placed in context as another wage measure, which is adequate. The question follows directly from the source's own open issue. > all indications are that it’s slowing down not stalling date — pass: April 7, 2023 matches the dateline at day precision. The page is marked as edited later, on April 25, 2023, but the reading relies only on the main article body. That body is plainly original: it refers to the Employment Cost Index as being released later this month. The reading uses no hindsight framing and does not rely on the carousel items. > like the Employment Cost Index released later this month support — pass: Each claim is directly supported by quoted body text. Bunker's description of the shift as gradual and sustainable is grounded in his party metaphor. The reading adds no unsupported benefits, costs or forecasts. > looks, for now, to be largely sustainable and healthy media — pass: No media was selected and no verified candidates were supplied, so there is no media identity or relevance issue. ## Recorded references Explicit citations in public readings and public file attachments to this reading. Shared topics are not citations. Other artifact types need an explicit reference adapter. No public references recorded here yet. [Reference data (JSON)](/readings/b4dd24f0a0edacd5d92ce56e7c34e38d13c7456c43c173f43ccf9330a54ff53a/references.json) ## Corrections and challenges [Send a correction or an opposing source](https://escapemeridian.com/corrections/) [JSON record](https://escapemeridian.com/readings/nick-bunker-argues-in-indeed-hiring-lab-that-the-us-labor-b4dd24f0.json)