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I think the image, for me, that most sums up where we are in the labor market is [the chart in this tweet] by Bloomberg’s chief economist [Michael McDonough], which shows that mentions of job cuts are now higher than mentions of labor shortages in earnings calls, that’s a big reversal after 2021 and 2022 were very much the years of the labor shortage and everyone was talking about how they were struggling to find workers.

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