The US labor market just flipped the script. We're now sitting on 685K more jobless workers than available positions—quite the turnaround from where things stood just four years ago. Back then? The market was starving for workers, employers couldn't fill seats fast enough. Now that supply-demand equation has completely reversed. This shift matters beyond headlines: when labor pools tighten, wage pressure eases, inflation dynamics shift, and that ripples through everything from Fed policy to asset valuations. For anyone watching market cycles, this reversal is a key signpost worth tracking.