We asked economists which songs embodied the American labor market in 2024.

Hourly earnings have hovered at 4% annually. That’s not an inflation threat, but some workers say their income can’t keep up with their costs.

“Secular” sectors like health care and education, which are less economically sensitive, have been responsible for a lot of hiring.

And will any of that change in an economy under the next Trump administration?

High interest rates have held back investment in production. They’ve eased, but firms are wary of the effects of potential tariffs and tax cuts.

Wage growth for the last several months continued to exceed inflation, though there are some signs of cooling.

Some businesses are trying out software with AI capabilities.

A shortage of skilled labor, high labor costs, and uncertainty about the effect of tariffs on lumber prices weigh on some homebuilders.

That drop in payments has a ripple effect through the health care system. It’s particularly hard on small, rural practices, some doctors say.

Ford is cutting 4,000 jobs in its European workforce, noting that the industry shift to electric vehicles has been “highly disruptive.”