Kathryn Anne Edwards

That's not good.

That's indications of an economy in a labor market that's slowing down.

I mean, to say that we're, we cannot come closer to teetering on the edge as we've been over the last 12 months.

And we haven't moved really in either direction.

But I think one figure that shows this in a really just truly striking way, easy enough to pull up, just the total number of jobs in the economy, payroll employment.

Go back to 1939, I believe, when the statistics begin.

And you can see it's just a solid line going up.

And then every so often you have a little divot and a little divot.

And every little divot is a recession.

What makes the last five years so remarkable is it's the first time this measure of basic size of our labor market has shown a flat line.

We've never just plateaued.

You know, we get to the top and we fall.

We get to the top and we fall.

The idea that we would plateau for one to two years is absolutely historically unprecedented, but that's what we're doing.

Uncertainty in the economy and economic policy.

Sometimes you don't have to look that hard for an explanation.

Parsing the economy right now is so difficult because the administration has pursued what can only be described as relatively chaotic economic policy.

And to the extent that we know what it would do, it's destructive.

We can only hit the economy so many times before it falls down.

We've been watching it be punched over and over again.