Loading ...Recession Triggered: Payrolls Miss Huge, Up Just 114K As Soaring Unemployment Rate Activates “Sahm Rule” Recession
But while we have long known that the real payrolls number is far worse than reported, what was the true shock in today’s “data” is the long overdue admission that the US is effectively in a recession because as the rule named for pro-Biden/Kamala socialist Cluadia Sahm indicates, a recession has now been triggered. The rule, for those who don’t remember is that a recession is effectively already underway if the unemployment rate (based on a three-month moving average) rises by half a percentage point from its low of the past year. And that’s what just happened, with the unemployment rate surging 0.6% from the year’s low.