"A lot of people who lost jobs earlier in 2026 are still out of work many months later. And while inflation cooled slightly in November, higher costs are still plaguing consumers. They're also hurting companies, which may explain why hiring seems to have come to a standstill. December's jobs reports further solidifies the fact that the U.S. economy may be teetering on the edge of a downturn. And that could have an impact on Social Security recipients down the line."
"In December, the Bureau of Labor Statistics reported that the U.S. unemployment rate rose to 4.6% in November - the highest level in years. It also found that job growth was sluggish. Why the weak numbers? It's likely a combination of stubborn inflation, tariff-related pressures, and general uncertainty. In November, consumer confidence fell to its lowest level since April, per a Conference Board survey. It's clear that consumers are feeling hesitant to spend their money."
The U.S. economy appeared strong on paper for much of 2026 while many who lost jobs earlier remained unemployed for months. Inflation cooled slightly in November but higher costs continued to burden consumers and corporate costs, slowing hiring. December jobs data showed the unemployment rate rose to 4.6% and job growth was sluggish. Consumer confidence hit its lowest level since April, raising the likelihood of reduced consumer spending. Falling consumer demand could weaken corporate revenues and hiring, which in turn could reduce inflationary pressure and lead to a smaller Social Security COLA in 2027.
Read at 24/7 Wall St.
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