US labor pool

The job-finding rates for 'primary workers,' who are almost always employed, have seen the biggest drop—13 percentage points from a November 2022 high to a September 2025 low. This drop is occurring even while US job losses indicate ongoing labor challenges and AI exposure has dramatically worsened outcomes for certain roles. The analysis by the Federal Reserve Bank of Richmond shows that less secure secondary workers, conversely, have not seen such a massive decline.