For the first time in 12 years, Federal Reserve reduced the money supply/quantity. It was reduced by 0.39% month-over-month, from April to May. The last time this happened was in 2010 when it was reduced by 0.45%
The table below shows the top five times this has happened since 1970. You can see that in April of 2022 it was reduced by 0.4% while in February of 1970, it was reduced by 0.56%.
This means that Federal Reserve has stopped the excessive spending (not withstanding the latest spending bill) and this means that business activity will absolutely fall. Deficit spending and money supply/quantity increases are artificial injections of money and business activity and can be turned off at anytime. This stuns business owners who have been expanding based on the past two years of business activity. This is likely the reason many businesses have frozen hiring.
See also this video that shows Federal Reserve charts