Unemployment Ticking Up for Right Reasons: BlackRock's Rieder

The transcript discusses a report's positive aspects, particularly from the Federal Reserve's perspective. It highlights the increase in labor force participation, with 736,000 new entrants, and examines the softening of cyclical employment sectors like transportation. Non-cyclical sectors such as healthcare and education remain strong, adding over 100,000 jobs. The report also notes a decrease in wages, indicating a cooling labor market and easing inflation, which is seen as constructive.

What does the speaker mean by 'slack build in the labor force'?

In what ways does the report suggest that the employment market is changing?