Why CEOs Don't Always See It Coming From Far Away

The jobs number today show for a place. Nominal growth, both in incomes and the overall economy, has been at a level that we actually think we weren't used to in the 2010s. We have the wherewithal consumers are not over levered. They were not going into the recession burdened by outsized amounts of debt. So maybe we're kind of working down the cushion to a degree. But I mean, I don't know, 3.5% unemployment. Why are we expecting a consumer to fail?