Americans making more than $100,000 are quickly losing faith in the economy—and it’s a red flag for the white-collar job market

The U.S. economy is a slightly steadier ship than many had expected heading into 2026, but with the labor market looking increasingly shaky, even one of the most optimistic demographics of the past year is starting to feel down. 

U.S. consumer sentiment may have risen slightly in recent weeks, according to preliminary findings from the University of Michigan’s January Consumer Sentiment Survey released Friday. Its index rose to 54 from 52.9 last month. The improvement stems from “gradually receding” worries about the effects of tariffs, according to a statement, as year-ahead inflation expectations remained at their lowest level since January of last year.

But the uptick in positivity was tempered by declining faith in labor markets, particularly sensitive for high-income households, said Joanne Hsu, an economist who directs the university’s research surveys. As the job market’s “no-hire, no-fire” regime of the past year shows signs of wavering, pessimism is starting to creep into America’s upper echelons.

“While labor market expectations have essentially held steady for lower income consumers, higher income consumers have seen quite a bit of deterioration,” Hsu told Fortune. “Higher income, higher educated consumers are just showing increased worries about what’s happening in labor markets.”

While Hsu stressed that consumer confidence has declined across the board, and that the D...