Labor Market Trends - The labor market has weakened over the last four weeks [2] - Weakness is observed in higher income segments, impacting spending [2] - Uncertainty from tariffs and AI's substitution of labor for capital are contributing factors [3] - The period of robust jobs growth and record low unemployment is ending [4] Data and Analysis - Government data may not be adequate for corporate decision makers, policy makers, or investors [6] - Alternative, high-frequency data sources are gaining adoption for deeper market segmentation [7] - The government shutdown has exacerbated the trend towards using alternative data sources [7] Policy Implications - Important policy decisions like interest rates should acknowledge the weaker labor market [5]

Job Market Analysis - U S job growth is slowing down [1] - The U S has been adding jobs at a respectable clip [1]