The (https://www.cnbc.com/2026/08/07/jobs-report-july-2026.html) job losses as a tailwind for staples rotation. That's the consensus trade right now, and it misses the real inflection. When the economy sheds 23K jobs unexpectedly, the first thing consumers cut isn't discretionary spending—it's *willingness to pay premium prices* on branded staples. $PG and $CL have built 5+ years of margin expansion on pricing power into a demand-resilient narrative.

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