The Misery Index just ticked down to 7.5% in July—unemployment edging lower, inflation cooling off.
This old-school metric (unemployment + inflation) doesn't predict much, but it does capture something real: how the average person *feels* about the economy.
When both numbers fall together, people notice. They feel it at the gas pump, the grocery store, the job market.
Markets care about Fed policy and earnings. But elections? They care about misery. And right now, misery is rolling over.
Watch the vibes shift.
This old-school metric (unemployment + inflation) doesn't predict much, but it does capture something real: how the average person *feels* about the economy.
When both numbers fall together, people notice. They feel it at the gas pump, the grocery store, the job market.
Markets care about Fed policy and earnings. But elections? They care about misery. And right now, misery is rolling over.
Watch the vibes shift.