I don't think any of this is that controversial. The labor market is soft because: 1) The economy is still mean reverting back to pre-covid levels. This has been apparent in all the leading labor data like temp help, hours worked, quit rate, hourly earnings, etc. It's all been soft for 18+ months. 2) AI is starting to reduce the need for new hiring and could quickly morph into broad job cuts. This is a very serious risk to aggregate demand that is being largely overlooked. 3) The tariffs are silly and created uncertainty. The actual implementations have been pretty meager so far, but the uncertainty about tariffs created a hiring slowdown. None of it is the end of the world, but I don't see how any of this is shocking either. ¯\_(ツ)_/¯