On Tuesday, the US Federal Trade Commission voted 3-to-2 in favor of a near-total ban on non-compete agreements, the contract stipulations that prevent millions of employees — from bankers to biochemists to bartenders — from finding new work or starting businesses in their field after leaving their jobs.

I have presented these numbers throughout the last year, but graphically, you can see who is in control: the employee or the employer.

The health of an economy can be reflected in the differentials. Look at 2001 compared to 2004, the drop after 2008, the rise after COVID, and now the dramatic drop in job switchers today.

What does this mean? Although the unemployment numbers are historically low, there is a crack in the foundation. The Fed is waiting for more data that I believe is already staring them in the face.