 Some, if not a good deal of that, is now in the rearview mirror. The job market has been normalizing. In June, the nation's unemployment rate rose to 4.1%, the highest since November 2021. Of course, the fact that it's historically low is academic, if not irrelevant, to the 6.8 million people reported unemployed last month. Private sector hiring is also showing signs of cooling. While employers added 206,000 jobs in June, 70,000 of those were in government.