Group 1 - The experiential economy, which thrived post-pandemic, is showing signs of decline, raising concerns about its sustainability [1][2] - The initial thesis of consumers spending more on experiences rather than goods is being challenged as recent data indicates a downturn [2] - Macro data suggests a deteriorating labor market, with job creation averaging less than 30,000 net new jobs per month from June to August [3] Group 2 - Private sector hiring data from ADP indicates an average loss of 11,250 jobs per week over a four-week period ending October 25, highlighting a significant employment decline [4] - The Federal Reserve's decision to cut rates in September was a response to worsening employment conditions, but future rate cuts are uncertain due to rising inflation [4][5]