Despite a robust economy, concerns about job security are rising as Americans experience what some call a “vibecession.” Coined by Gen-Z economist Kyla Scanlon, the term describes the disconnect between positive economic data and negative public sentiment. A Federal Reserve Bank of New York survey shows the highest expected likelihood of unemployment since 2014 at 4.4%. Meanwhile, retail sales hit a record high in July, and the stock market continues to climb. With labor market concerns mounting, all eyes are on Fed Chairman Jerome Powell’s upcoming speech for potential interest rate cuts.
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