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Consumers are not buying expensive things now. Credit card debt is through the roof and defaulting.
That's a component, but another component is that manufacturing is being automated (net new or reshored). GM just replaced ~1300 workers with robotics at one of their EV factories.

Manufacturing may come back to the US in some capacity, manufacturing jobs will likely not.

US manufacturing rises on front-loading of orders, but factory employment tumbles to six-year low - https://www.reuters.com/business/us-manufacturing-rises-fron... - June 23rd, 2026

GM installs robots at flagship EV factory after laying off 1,300 workers - https://arstechnica.com/ai/2026/06/gm-installs-robots-at-fla... - June 22nd, 2026