The rise in unemployment has triggered the Sahm Rule, positing that when the three-month moving average in the unemployment rate is at least half a percent higher than the 12-month low, it signals the early stages of a recession.
Rising unemployment is seen as a crucial indicator of economic contraction by Preston Caldwell, the chief U.S. economist at Morningstar, noting that once it starts rising, it's likely to continue.
Economist Mark Zandi believes a recession is unlikely but mentions it will be a close call for the economy to navigate through the challenges ahead.
Senator Elizabeth Warren criticizes the Federal Reserve's decision not to cut interest rates in response to the weak jobs report, highlighting fault in economic policy choices.
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