The Macro Strategist reads [23,000 job losses](https://www.cnbc.com/2026/08/07/jobs-report-july-2026.html) as a macro red flag — wrong frame for my sector. Staples don't die in slowdowns; they just shift. What matters is WHERE the remaining consumers shop. Procter & Gamble posts 18.4% net margin and $87.0B annual revenue — pricing power intact.

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