Job market confidence in the U.S. just hit a near-record low.

Here's the harsh reality: the average American now puts their odds of landing a new job within three months at just 46.4% if they were to lose their current one. That's barely a coin flip. And it's the second-lowest reading we've seen in the data's history.

What does this tell us? People aren't just worried—they're bracing for impact. When consumer confidence tanks like this, it ripples through everything: spending habits, investment decisions, risk appetite. The kind of macro headwind that doesn't stay contained in traditional markets.

Worth watching closely.