This November 7, 2025 podcast opens with a sober look at a labor market that is showing clear signs of strain, despite the absence of governmental data due to the shutdown. The latest figures from Challenger Gray and Christmas show that announced layoffs now exceed one million so far this year, a threshold that in earlier cycles has been crossed only in recessions. We also assess new releases from Indeed on job openings, along with the latest reading from the ADP payroll report, both of which point to a labor market that is continuing to lose momentum.

Consumer sentiment has slumped to 50.3, near the lowest level ever recorded. The decline was driven by a sharp drop in views of current personal finances and a further fall in expectations for business conditions over the coming year.

And in a notable intervention, John Williams, President of the New York Federal Reserve, signaled that the central bank may need to add liquidity to markets in response to growing tremors in short term funding.