Uh Oh Spaghetti O’s

This trend is concerning:

For the first time in 4 years, the US unemployment rate has crossed above its 36-month moving average.

In previous economic cycles, every time this has happened a rapid spike in jobless rate followed.

This has also coincided with the economy falling… pic.twitter.com/uDBctOGilr

— The Kobeissi Letter (@KobeissiLetter) June 23, 2024