Labor market nearing pre-pandemic conditions, Fed report says

The Federal Reserve said Friday in a report to Congress that the U.S. labor market is back in the "tight but not overheated" situation it was in before the COVID pandemic threw the economy into disarray.

The report noted that the job market "continued to rebalance over the first half of this year," and added: "Labor demand has eased, as many job openings have declined in many sectors of the economy, and labor supply has continued to increase, supported by a strong pace of immigration."

"The...