A stable labor market is not enough
The May jobs report offered a measure of reassurance: the labor market is stable. Employers are still adding jobs, layoffs remain contained, and the economy is not showing the kind of “break” that typically signals an imminent downturn. That matters. A stable labor market provides the income floor that supports spending and keeps the gears of the economy turning. But stability is not a synonym for strength. For the modern consumer, the urgent question isn’t whether the paycheck is arriving – it’s how much of the grocery store that paycheck still buys. Currently, the answer ...