Although the U.S. labor market has been may peak around 5%, a historically low rate surprisingly resilient to these mounting economic for a recession. Furthermore, as a result of the challenges, aided by structural labor-supply moderation in labor demand and declining constraints, we expect that demand for labor consumer confidence, job turnover rates are likely will moderate as consumers and companies brace to return to more normal levels, which will help for a recession. But considering how tight the reduce wage inflation to a more sustainable 4% labor market is entering this recession—as shown nominal growth rate. We expect a weaker labor in Figure I-15 in job openings per unemployed, and market on a number of fronts as outlined above, the slower pace of new labor force entrants as a which will hopefully put downward pressure result of slower population growth—unemployment on inflation. FIGURE I-15 Tepid working-age population growth limits the downside for the U.S. labor market . % e t a Job openings opulion €ore‚s r h per unemployed gro re  t . w (LH (­H o r) g  s n o iold employed t- a . l  uear py o- p d  r- . ao wt r- o  f ( r a . e Job openings per un y  - ee   Thr                Sources: Vanguard calculations, based on data from Datastream, DataBuffet, and the Bureau of Labor Statistics, as of October 31, 2022. 20