The unemployment rate in America has risen from 3.4% to 4.1%, with the raw number of unemployed Americans spiking over the last year. The net result is that the US economy is inching closer and closer to recession.
Historically - when the unemployment rate increases this much in a short period of time, it signals that the economy is building negative momentum that becomes self-reinforcing, and eventually results in a widespread recession.
This same increase in unemployment occurred in late 2007 and mid-2000 before the Great Financial Crisis and Dotcom Bubble Bursting.
Jerome Powell and the Federal Reserve are closely monitoring these numbers. And they will likely cut interest rates at some point later this year to help the economy. The question is if it will be too little, too late.
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