Even though a recession hasn’t materialized, a “vibecession” has had Americans feeling bummed for the past few years.

Inflation cooling should help with that. But it’s still above pre-pandemic levels, which might be why many Americans aren’t convinced things are getting better.

But a slowing job market is the real killer of people’s perception of the economy. The shift is necessary for the Fed to consider rate cuts, but it poses a problem for Americans who feel their dollar doesn’t go as far.

Yes, unemployment remains low, but people also don’t have the opportunity to find new jobs that might pay better. The end result has plenty of people feeling trapped.

Interest-rate cuts, which could come as soon as September, could change that. The relief might make businesses feel more comfortable getting aggressive with hiring.

But there’s no guarantee the habits picked up when times were tough — like Big Tech’s “year of efficiency” — aren’t here for good.