We got the JOLTS report yesterday and the ADP report today, and among other things, we are seeing: (1) slower job creations; (2) the creation of part-time jobs instead of full-time jobs, making new jobs data much less rosy; (3) the double counting of new jobs because of the way openings are posted online; (4) “quiet cutting” where employers shift employees into lower-paying jobs; (5) much less job switching; and (6) less confidence in employers, based on employee surveys.Read More