The big picture: The U.S. labor market is experiencing a slowdown in job changing, with May payrolls projected to rise by a modest 110,000 jobs, primarily in the private sector. This indicates a period of stagnation rather than robust growth.

Why it matters: Fewer job changers can signal reduced worker confidence and fewer opportunities, impacting talent acquisition strategies and overall economic dynamism for businesses.

Between the lines:

• Payroll employment is expected to increase by 110,000 jobs in May.
• All projected gains are from the private sector; public sector employment remains steady.
• The