Part 6/7:
Parallel to the housing crisis, the job market also shows signs of distress. The ADP report reveals a notable slowdown in hiring, reporting an addition of only 77,000 jobs in February—far below the anticipated 140,000. This misalignment between predictions and reality suggests a growing hesitance among employers to hire in the uncertain economic landscape.
Consumer spending trends reveal a similar downturn, with signs pointing to a broader economic slump. As companies face a slow consumer base, layoffs are becoming increasingly common, further demonstrating a contracting economy.