Recession Warning: Job Growth Limited to Few Industries – Zandi

hear’s a summary of the key points from the provided text:

Recession Concerns: Economist‌ Mark Zandi believes the ⁣US economy is on the verge of, or potentially ‌already in, a recession. He points to the revised⁢ June jobs⁤ report (a loss of 13,000 jobs)⁣ as ⁤a significant indicator, as recessions are frequently enough‌ dated back to ‌the frist month⁢ of payroll declines.
Weakening labor Market: Long-term unemployment is rising, and a growing number of people (over 6 million) outside the workforce ⁤are actively seeking employment.
“Jobs Recession”: Zandi⁢ describes ⁣the current situation as a “jobs recession” – employment is⁢ flat or declining, despite continued growth ‌in output and incomes. he⁢ warns the economy is vulnerable ​and a single negative event could trigger a full downturn.
Positive GDP Growth (For Now): Despite the concerns, the economy is still showing positive GDP growth.​ The second quarter expanded by 3.3%, and‌ the Atlanta ‍Fed estimates a 3% ⁤increase for the ⁤third quarter.
* Treasury Secretary’s⁤ Response: Treasury ​Secretary Scott bessent​ called⁣ for “good ⁣data”‌ in response⁣ to the​ weak ​jobs⁣ report.