Weekend Briefing: It’s not a vibecession when layoffs and homelessness are on the rise

In the last Weekend Briefing of the year, here’s a look at why the “vibecession” – the idea that the economy is doing great and people are just imagining their hardships – is misleading. Don’t forget to subscribe to the Glossy Podcast for interviews with fashion industry leaders and Week in Review episodes, and the Glossy Beauty Podcast for interviews from the beauty industry. –Danny Parisi, sr. fashion reporter

Nike suffers

For much of this year, there was a consensus that things were not going well in the American economy. Talk of a recession was common, inflation made everything more expensive and wages stagnated. But in the last months of the year, a new idea emerged, that of the “vibecession.” According to the vibecession theory, the economy is doing just fine and people just feel like things are bad, even though, in real terms, they’re not.

The primary metric proponents of the vibecession theory point to are the relatively low levels of unemployment. As of November, the unemployment rate was hovering at around 3.7%, certainly a low number.

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