If you look pre-Covid, you’ll see that the trend line goes back to 2020. Various reasons for the flatter line:
Retirement. A lot of boomers are hitting retirement age and there aren’t enough zoomers to fill the void.
Interest rates. Inflationary policies due to Covid have made money cost more. This has lead to previous economic growth strategies no longer becoming tenable.
Tech collapse. The tech sector in the USA has hit the right side of the S-curve for a lot of different technologies. This has limited growth of one of the major engines of the American economy.
Remote work. Better remote work tools have allowed people to work wherever. Along with this, companies can hire people from a larger geographic area to perform tasks. A lot of hiring is happening in lower cost of living areas, including outside the USA.
Gig economy. More people are relying on the gig economy to make ends meet. These are not full time roles, so they aren’t counted here.
If you look pre-Covid, you’ll see that the trend line goes back to 2020. Various reasons for the flatter line: