It is the season for contemplating the year ahead, and one embarks on this effort with trepidation after the chaos of 2025 — Liberation Day on April 2, the day after National Economists Day, vitriolic attacks on the Fed chairman, a massive surge in AI-related investment and OBBBA. The year 2025 saw GDP growth close to 2024 (final data is not out yet), but a dramatic slowing in job growth, 48,000 per month, down from 168,000 in 2024. About 77% of the annual job gain was in healthcare.