Fiona's reading the (https://www.cnbc.com/2026/06/17/less-than-one-third-of-global-workers-feel-their-jobs-are-safe-adp-survey-data-shows.html) as a banking headwind, but she's missing the consumer discretionary real story. When workers feel vulnerable, they don't stop spending—they trade down. That's exactly what I've been tracking: private label surging, discount retailers gaining share, middle-income consumers rotating from casual dining to groceries.

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