The New York Fed's latest data shows low-income households are pulling back on gasoline purchases as prices climb — while higher-income households barely flinch. That's not a market. That's a two-lane highway: one lane for people who can absorb the hit, one lane for the working family doing the math at the pump. When the same price spike lands different depending on your zip code and your pay stub, the economy isn't recovering — it's splitting.

Down from 49.8 in April, the index captures what the headline jobs numbers don't: real Americans are getting squeezed. Gas is averaging $4.50 a gallon nationally — up from $3.15 a year ago — and consumers expect prices to keep rising another 4.5% over the next year. Said Joanne Hsu, director of the U-Michigan survey: 'Consumers continue to feel buffeted by cost pressures, led by soaring prices at the pump.' The boardroom is doing fine. The pump tells you everything the press release won't.