Did the May 5 JOLTS print signal a reversal in labor market softening? The hire rate jumped, and the quits rate ticked up, partially challenging the recent narrative.

However, the data must be read with nuance.

While flow data showed some improvement, the underlying K-shape with caveats persists.

The labor picture remains complex, not a straightforward recovery. Boring until it isn't, and by then it's too late.