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• PeopleUnemployment can be low while the job market still feels terrible.The U.S. is approaching the 2026 midterms with unemployment around levels economists call full employment, yet hiring is slower, job switching is weaker and many workers feel insecure. The unemployment rate only measures one part of labor-market health.
• MoneyInflation can fall. The cost-of-living crisis can keep going.When inflation slows, prices usually do not return to where they started. New IMF research says repeated food and energy shocks can also change what households expect about future inflation and push more people into poverty.