Unless the labor market gains some steam and momentum, both real income and confidence of consumers would be hurt.

More and more jobs, both manufacturing and service jobs are sent overseas; these jobs won't come back any time soon.

Both consumer and business confidence is depressed because of uncertainty surrounding the war, ... If we can somehow bring closure to the war situation, I would expect confidence to improve dramatically, taking with it the economy and the stock market.

This is what economists call a simultaneous process, meaning that it works both ways.