Noah Yosif says uncertainties about the economy and pending governmental policy initiatives have led to modest cooling in hiring. He points to the 4-week average of Jobless Claims rising by 3.2% over the last month as a signal for some changes coming in the labor market trend. Noah adds he'll be monitoring manufacturing and production roles as tariff costs start to potentially have a ripple effect on operating costs. Ahead of Thursday's non-farm payroll number, he expects the number to fall into the "cadence of cooling" witnessed thus far in 2025's labor market.