Consumers Gloomy Despite Strong Job Market as High Prices and Debt Burden Weigh on Minds

• Labor market strong, but consumers gloomy about economy ("vibecession")

• Inflation down from peak, but costs like credit card debt not captured in CPI

• High borrowing costs a heavy burden unlikely to ease soon

• Consumers more impacted psychologically by rising prices than wage gains

• Prices still rising albeit slower; may take time for views to align with data