Two Interesting Charts: Tariffs & Job Openings

Wells Fargo published a pair of charts this week that appear to tell very different stories. On the one hand, higher tariffs are being promoted as a catalyst for job creation. On the other, job openings continue to slide meaningfully. It is increasingly difficult to reconcile those narratives. More plausibly, the growing drag on labor demand reflects the accelerating impact of AI, as productivity gains allow firms to do more with fewer workers.