More economic indicators suggest that the U.S. economy is heading for a hard landing despite the Fed’s recent slashing of interest rates.
It’s now taking those who are unemployed longer to find a job than the length of their unemployment benefits. In addition, the number of people working part-time has climbed to the highest number since the government began tracking such data.
According to Danielle DiMartino Booth, CEO and chief strategist for QI Research and a former advisor to the Federal Reserve Bank of Dallas, the U.S. has been in a “plain vanilla recession” since October. Booth claims that the weak job market and increased Chapter 11 bankruptcy filings are evidence of this.
“I personally see the recession as having started in October 2023 because that’s the first time that the McKelvey Rule, which is less arduous than the Sahm Rule – and it doesn’t date back to 1948, it dates back to 1968 – but it has not missed a single recession since then,” she said in an August interview. […]
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