Lots of apparently unexplored alternative explanations. In times of uncertainty, you don't hire unless you need to. Another junior developer or customer service agent can be delayed, and youngsters in the labor force are most exposed to this. But if you need a home health aide, you probably don't have a lot of choice: somebody has to change grandma's diapers. Tariffs top my list of uncertainties for businesses, but interest rates are a close second.