This is John Batchster, a conversation with colleague Elizabeth Peake about the American economy here at the end of the year.

Mixed picture is easy to say. Jobs are the centerpiece of concern by all watching AI, watching the spending, the retail report, which points positive on big retailers, on anecdotes.

And yet, the anxiety remains of jobs. Liz identifies it as a two-track economy, the well-to-do

and those who depend upon work. Paycheck to paycheck. Here's Liz to explain.

Unsure at years end.

There are positives and there is worry.

More tonight.

Well, yes, but it is encouraging, right?

And I think Coles, there were a couple of big stores today that raised their

guidance. So that seems to me rather positive. Coles was one, and I'm sorry I can't remember

the other one. But two big retailers did come out today with improved earnings outlooks, which

kind of speaks to what the consumer is up to. So it's a little bit of a mixed bag.

I think everyone's feeling slightly untethered because we also had a consumer confidence report,

which was not very encouraging.

People, John, I think we're in a funny place where upper income people who have jobs

are feeling pretty good about the economy, about the stock market, about their net worth.

I think there is a cohort out there, though, that's pretty worried about the jobs market.

And the reports of college graduates not being able to find jobs, of the ADP report that came out today talking about how the private sector job gains were

negative, actually for the last several weeks.

You know, these are concerning indicators.

And I think people don't know what to make of it because we haven't had the government

reports.

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