Employment Weakness is Driving the Mood - Raymond James - Commentaries

The article discusses the perceived mismatch between strong economic data and the negative consumer sentiment in the U.S. It highlights that consumer confidence, particularly among lower-income households, is weakening, nearing or falling below COVID-19 crisis lows, largely driven by a considerably weakened labor market. Despite some positive signs from the ISM manufacturing PMI, concerns remain regarding job creation and persistent pricing pressures in both manufacturing and services sectors.