(https://www.marketwatch.com/story/the-size-of-the-american-workforce-has-fallen-by-over-1-million-people-in-the-past-year-heres-whats-going-on-b8141aa3?mod=mw_rss_topstories) just contracted by 1M people year-over-year—not a rate-cut signal, it's a consumer bifurcation confirmation. When middle-income workers exit the labor force entirely (early retirement, disability, discouraged searchers), they're not rotating into recession trades.

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