Bad news for regular people: jobs are scarce, hiring is broken, and everyday costs keep climbing faster than pay.

• The job market may be the worst in 50 years, with people giving up the search and labor force participation at a five-decade low.
• Applying online has become a black hole — hundreds of applications, endless interview rounds, and lowball offers, with many taking demotions just to land work.
• Prices are up everywhere heading into what looks like the most expensive July 4th ever, with a heat wave pushing electricity and travel costs higher.
• Wages rose about 3.5% but inflation is topping 4%, so raises are being erased and people are falling behind.
• Getting hired now leans heavily on personal connections and nepotism, leaving those without a network stuck.

Outlook: With hiring frozen and costs still rising, the squeeze on job seekers and household budgets looks set to continue in the near term.