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Quitting doesn’t pay like it used to. The raises Americans earn from switching jobs is shrinking, narrowing their advantage in wage gains versus job-keepers. That stands to reduce inflation, as companies benefit from lower costs when snagging new employees. While it’s happened without mass layoffs, weaker pay gains signal that the labor market’s balance of power is shifting back to businesses.

A return to pre-crisis debt servicing thanks to the Supreme Court will hurt consumers and the companies that depend on them, columnist Ben Winck writes.