Economists have coined a term for the perplexing state of the U.S. economy, where unemployment is at its lowest level in decades and GDP is strong, yet the housing market is down, and tech layoffs are widespread. A rolling recession is where various sectors of the economy contract while other sectors remain strong. During COVID lockdowns, consumers had minimal access to services, such as leisure and hospitality, so money was channeled into the goods sector. As the lockdowns ended and the economy reopened, pent-up demand caused a surge in services. About 69 percent of reporting companies missed analysts’ expectations for the last quarter.