7 December 2023
The labor market is deteriorating, evidenced by ADP and BLS reports showing significant declines in key sectors and slowing wage growth. Job quits have plummeted, signaling a stagnant job market. This downturn is exacerbated by troubles in manufacturing, commercial real estate, and a stressed housing market with unaffordable prices. These factors paint a bleak economic picture, with the Federal Reserve facing a precarious situation and the potential for further policy missteps.