This analysis overlays US Recessions over CBOE:SPX on the top pane.
Bottom pane is a technique shared by famous trader , Larry William - recently presented at a NAAIM Conference. The technique looks at US job market as % of population. You can find more on Sentimentrader.
Larger declines in stock market are usually accompanied by a recession. There is clearly a softening of the labor market but hanging above the recession territory.
Unless we dip into a recession and Oct 2022 lows on SPX holds - we are not in a recessionary bear market.