I've been calling this a "Frozen" job market for awhile. Now I would call it a red flag. The economy is barely adding any jobs. July: 73,000 June: 14,000 --> The weakest since Dec 2020 May: 19,000 Healthcare makes up almost all the jobs added in the past 3 months. Many sectors -- manufacturing, professional biz, warehouse, retail, government -- have LOST jobs in the past three months. The big preliminary annual revision coming out on Sept. 9 may even show job losses. (Or certainly an even weaker labor market so far in 2025). -->Companies do not want to hire or invest with this much uncertainty about tariffs, inflation, etc.