Yes, recent ‘hard data’ has driving down GDP estimates, trumped up expectations not withstanding:

At current pricing the Saudis are seeing less demand, due to others pumping more most likely:

This chart tells me that it’s gotten a lot harder to be eligible for unemployment benefits this cycle, and an automatic fiscal stabilizer the cushioned weakness in prior cycles may have been deactivated as well:

New law makes it harder to get unemployment

New rules make it harder to get unemployment benefits

So this drop, which is even more severe when adjusted for population growth, to less about ‘tight job markets’: