The job market is steadily but surely throttling back.
Monthly job gains are moderating, and most telling, the gains are being consistently revised lower, and not by a little bit.
Indeed, after revision, monthly job gains appear to be closing in on 100k.
It isn’t great that the job gains are almost entirely in the healthcare and leisure and hospitality industries.
At this pace of job growth, unemployment will continue to push higher, and this, despite weaker labor force participation
None of this signals recession, but it does signal the job market and economy are increasingly fragile as the fallout from the global trade war intensifies.
