The US may already be in recession as job cuts accelerate, research CEO says [Business Insider]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Business Insider
Downside labor revisions and rising job losses indicate a downturn has hit, the QI Research CEO said. She argues that by one unemployment indicator, a recession was triggered in October 2023. The US is already mired in recessionary downturn, and rising job losses prove it, veteran forecaster Danielle DiMartino Booth told Bloomberg TV "Oh, my goodness, there's already been 22,000 job loss announcements in the month of May and it's still a fairly young month. So on a seasonal level, we're seeing a major pickup," the QI Research CEO said on Monday. That a recession has arrived is not a new position for Booth, who has long been pointing at downward-revised labor figures to push against soft landing talk. Booth supports this using an indicator developed by Goldman Sachs. It says that when the unemployment rate's three-month average moves up 0.3 percentage points from its 12-month low, it historically indicates a recession. By that standard, the rule was triggered in October of
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