Unemployment is the highest since 2021: https://tradingeconomics.com/united-states/unemployment-rate https://tradingeconomics.com/united-states/unemployment-ra

Unemployment is the highest since 2021: https://tradingeconomics.com/united-states/unemployment-rate https://tradingeconomics.com/united-states/unemployment-rate Consumer staples have seen almost a 20% decline in EPS YoY: https://ycharts.com/indicators/sandp_500_consumer_staples_earnings_per_share https://ycharts.com/indicators/sandp_500_consumer_staples_ea... A specific example is Chipotle. It could certainly be company specific, but could also highlight a consumer trend. https://www.cnbc.com/2025/10/30/chipotle-stock-falls-after-q3-earnings-report.html https://www.cnbc.com/2025/10/30/chipotle-stock-falls-after-q... Still, most analysts attributed the slowdown to industrywide challenges, not company-specific issues that Chipotle needs to address. Unemployment, increased student loan repayments and slower real wage growth accounting for inflation are weighing on consumers’ spending, according to Boatwright.