Pessimism is "most pronounced for those with at most a high school education," according to the New York Federal Reserve.

"Since the beginning of the year, the economy has created a paltry 600k jobs, but without the job growth in these industries, there would be zero job growth."

In the latest sign of trouble for the U.S. labor market, confidence in the ability to move from one job to another has hit a record low.

"Central to our view," Morgan Stanley's Mike Wilson argues, "is the notion that the economy has been much weaker" than the headline numbers suggest.

"Central to our view," Morgan Stanley's Mike Wilson argues, "is the notion that the economy has been much weaker" than the headline numbers suggest.

Pessimism is "most pronounced for those with at most a high school education," according to the New York Federal Reserve.

"The revision shows the economy entered 2025 with less momentum than previously understood,” said Bill Adams, Chief Economist at Comerica Bank.

“Looking at the spread and the difference between these groups is suggesting, boy, we're on very different pages as to what the future holds,” one economist said.

"Hopefully things will be OK, but you do see that kind of weakening," he said.