 I would describe it as strong, but not tight. And that's a subtle difference. But what it means is that the labor market is no longer a source of meaningful inflationary pressure. And when you zoom way out to the entire economy, there are signs that it's cooling down, says Lauren Seidel Baker with ITR Economics. GDP today is at an all-time high. So it's critical to note that our economy is still growing. However, the pace of growth has really come down.