The July employment report was much weaker than expected, and in the household survey portion of the report, the rise in the unemployment rate from 4.1% to 4.3% caused more alarm than usual. This is because the rate of increase violated the Sahm Rule, which was developed to detect when the unemployment rate is rising too fast.
Financial markets collapsed as the employment report suddenly created a dramatic increase in recession fears.
To read Dan's full report, click on the link below and download the PDF
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