How the state of the labor market may support the Fed's decision

This past friday's labor market update resembled nothing of this past wednesdays rate cut.  Normally it's the market that's supposed to be making forecasting errors about Fed policy - not the other way around.  But I digress. What do I know??

I'll play devil's advocate (with myself) by pointing out three things to support the Fed's decision.

Job openings have been slowing.

Wage growth has also seemed to peak.

The gap between the flows implied and stock based unemployment rate continues to narrow. This suggests that the unemployment rate may be bottoming out.