Group 1: Consumer Financial Health - Two-thirds of U.S. consumers live paycheck to paycheck, with 42% doing so out of necessity, marking an 18% increase since August [5][6] - Income instability is prevalent, with 60% of consumers earning income outside a fixed salary, relying on hourly wages, gig work, or contract arrangements [6][7] - Tariff-related uncertainties and layoffs have further eroded income predictability, making it difficult for households to manage expenses [7] Group 2: Retail Sales Performance - U.S. retail and food services sales for October were unchanged at $732.6 billion, with retail sales edging up just 0.1% [8] - Performance varied by category, with department stores seeing a 4.9% monthly gain, while big-ticket items like motor vehicles declined by 1.6% [9][10] - Consumers are prioritizing essentials and delaying discretionary purchases, indicating a shift in spending behavior [14] Group 3: Labor Market Conditions - The unemployment rate rose to 4.6%, with the number of unemployed increasing to 7.8 million, reflecting a gradual upward trend [11] - Nonfarm payrolls increased by only 64,000 jobs in November, with gains concentrated in healthcare, construction, and social assistance [12] - Average hourly earnings rose by 0.1% in November, resulting in year-over-year wage growth of 3.5%, indicating stable employment but limited wage acceleration [13]