Just about every significant economic variable was similar across the two years, often well within the range of measurement error: G.D.P. growth, the unemployment rate, the employment rate for prime-age workers, inflation, real wage growth, productivity growth, the budget deficit, the trade deficit, stock-market gains and mortgage rates. The one indicator that changed meaningfully was job growth, which slowed sharply in 2025, but the unemployment rate didn’t get much higher — reflecting the fact that fewer people needed jobs, either because they had already found them or because immigration inflows fell drastically.