Fed mouthpiece: unemployment rate shows US economy is getting closer to recession

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Odaily2024/07/05 13:24

By:Odaily

Odaily News Nick Timiraos, the Federal Reserve mouthpiece, said that the U.S. unemployment rate rose from 3.96% in May to 4.05% in June. The data has risen by 0.22% since March (3.83%). From the Sams rule, the 3-month average has risen by 0.42% from the 12-month low, which is getting closer to the 0.5% threshold. The connotation of the Sams rule is that when the 3-month average of the unemployment rate is 0.5 percentage points higher than the 12-month low, the economy is in recession. (Jinshi)

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