The US labor market is flashing warning signals. Multiple leading indicators are painting a troubling picture: consumer sentiment around employment has weakened noticeably, while both the services and manufacturing PMI employment components are sliding downward. This trio of deteriorating metrics suggests payroll numbers could take a hit in the months ahead. When forward-looking gauges align this clearly, they rarely lie—brace for softer jobs data on the horizon. For those tracking macro conditions, this employment cooling trend could reshape Federal Reserve's next moves and ripple through risk assets.