Just when some were starting to think that the economy is running out of steam and that the tight job market would soon ease, the Bureau of Labor Statistics weighed in with its April jobs report, showing 253,000 net new hires and the unemployment rate falling to a 54-year low, 3.4%. In short, the war for talent continues and talent is winning.

Workers and those seeking work continue to have the upper hand in today’s U.S. economy, which still has far fewer people looking for work, 5.7 million, than the number of job openings, 9.6 million.

This remains true despite the rash of layoffs leading tech companies have announced recently, more bankruptcy filings by once-popular national retailers, and apparent troubles in the banking industry.

If you’re confused by all of the conflicting signals, it’s understandable. And you’re not alone. The economy does appear to be slowing down, but it’s also still growing. Many companies are reducing their workforces—in some cases giving pink slips to thousands of employees—but many others are still struggling to fill openings. Some employers may in the not-too-distant future find themselves in the driver’s seat again, but others still need to woo employees like they do customers.