The US jobs market is weakening significantly

While job growth has remained strong enough to keep the unemployment rate low, signs of a significant weakening in the US employment market continue to grow.

Another jobs report, another historically low unemployment rate — this time falling to 3.4% in April. While the Fed’s aggressive tightening has meant that many have been expecting the US jobs market to imminently roll over, it’s important to remember that employment is a lagging indicator.

During the current cycle, it’s likely to be a particularly laggin…