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Global Markets Investor
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‼️The US job market is WAY weaker than headlines suggest:
The number of Americans out of work for 27 weeks or more surged +155,000 in May, to 1.99 million, the highest since December 2021.
Over the last 12 months, this figure has surged +524,000, the largest annual increase since August 2021.
As a % of unemployment, this metric is up to 27.5%, the highest since December 2021 and above every post-recession peak, excluding the Great Financial Crisis and the 2020 Crisis.
Long-term unemployment is deteriorating rapidly.
The number of Americans out of work for 27 weeks or more surged +155,000 in May, to 1.99 million, the highest since December 2021.
Over the last 12 months, this figure has surged +524,000, the largest annual increase since August 2021.
As a % of unemployment, this metric is up to 27.5%, the highest since December 2021 and above every post-recession peak, excluding the Great Financial Crisis and the 2020 Crisis.
Long-term unemployment is deteriorating rapidly.
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