(Bloomberg) -- Anyone looking for signs of an imminent downturn for the US economy won’t find it in the latest employment data. The unemployment rate fell back to a multi-decade low of 3.4%, defying expectations for an uptick. On the other hand, the labor market is coming more into balance — not only are job postings declining, but more people have been coming off the sidelines in recent months. “I’ve been surprised, admittedly — the jobs market, it’s been pretty resilient thus far,” said Lawrence Werther, chief US economist at Daiwa Capital Markets. Most Read from Bloomberg Businessweek©2023 Bloomberg L.P.