Changes in demographics, and in employer and worker needs, have redefined the U.S. labor market. We discuss the “new normal” in our 2015 annual report, What We’ve Learned…and why it matters. Observations include how the gig economy—or sharing economy—is affecting the part-time workforce. We also look at influences on labor force participation rates and clarify the math behind sluggish wage growth. A consideration for both is the retirement of higher-earning baby boomers and the increase in steady employment for lower-wage workers.