“But I think now, and more commonly as we go forward, it actually could be labor supply driving some of that. There are two reasons why you might not add jobs in a month: One is there's no demand for workers, the other is there is demand, but there's not enough supply.”

Laura Ullrich · said date not stated · reported 2026-07-08

Ullrich told Fortune that labor supply, not just demand for workers, could now be driving changes in jobs numbers.