CNBC anchor admits possible recession is much worse than expected.

Is a Recession on the Horizon? CNBC Anchor Reacts to Latest Jobs Report

The latest jobs report has raised concerns about the potential for an upcoming recession, according to CNBC anchor Kelly Evans. While the country added 339,000 jobs, exceeding economists’ expectations, the unemployment rate also rose by 0.3% to 3.7%, which Evans says is a cause for alarm.

Remember all the celebration about the record-low Black unemployment rate? Well, Black unemployment jumped by 0.9 points in May. These figures are very noisy, but again worth watching, because historically Black Americans have been the first to lose jobs in a recession. pic.twitter.com/wtrmri7GU2

— Ben Casselman (@bencasselman) June 2, 2023

Furthermore, the American economy slowed to a 1.3% annual growth rate in the first quarter of 2023, according to revised GDP statistics released by the Bureau of Economic Analysis in May. Over 90% of CEOs surveyed by The Conference Board in May said they were preparing for a recession in the next 12-18 months.

What the Experts are Saying

While Federal Reserve Chairman Jerome Powell believes that avoiding a recession is more likely than having one, the Fed has attempted to cool the labor market in an effort to decrease continuing inflation. The unemployment rate has remained in the range of 3.4-3.7% since March 2022, according to the Bureau of Labor Statistics.

Why This Matters

The potential for a recession has significant implications for the economy and job market. Historically, Black Americans have been disproportionately affected by economic downturns, making the recent increase in Black unemployment a cause for concern. It’s important to keep an eye on economic indicators and expert opinions to stay informed about the state of the economy.

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