US: is zero payrolls growth the new definition of full employment?

Should we get used to US payrolls contracting in even-numbered months and rebounding in odd-numbered months? This has been the case in the United States since May 2025, leaving economists and central bankers in doubt about the state of the US economy. On average, employment has almost stagnated over this period, as has the jobless rate, which adds to the mystery. Normally, the lack of jobs should drive up unemployment. This time, that's not the case, because the workforce has also weakened (ageing population, reversal of migratory flows). These new employment conditions portend a decline in the economy's growth potential, unless there is a marked increase in productivity gains.