I think there is some emerging evidence you may be right. Companies were cautious about hiring for a time, but that may be picking back up.

Take a look at the JOLTS job openings for Information for the most recent month currently available (June 2025): fred.stlouisfed.org/ser…

We're at the highest rate of job openings in this industry since 2022!

I am doing a more detailed writeup about how to interpret these numbers, should be published by mid-September.