Joe Galvin and Cory Stahle break down the ADP jobs data and preview Friday’s employment report. Cory sees the report as a “yellow flag” and says it is clear the labor market is adding progressively fewer jobs. He also notes that the labor pool could be shrinking due to age and immigration policies, changing what makes a “good report.” Joe notes that his survey of CEOs is in-line with the report, with only about 57% of them looking to add headcount in the next year. However, less than 10% are planning to reduce headcount. He says that “humans remain the fossil fuel of growth.”