One week after we learned that in Q1, US GDP had "shockingly" contracted, just one pillar was left holding up the "strong" US economy, the same economy that the Fed's record tightening cycle is hoping to push into recession: the labor market. However, that too has now turned, and after a big ADP private payrolls miss, after the ISM manufacturing employment index printed just shy of contraction where the ISM Services employment index already is, and after the first positive print in the Challenger job cuts index since Jan 2021...