The US labor market is weakening: The number of Americans not in the labor force who currently want a job is up to 6.2 million, the highest since July 2021. These are people who are not officially part of the labor force, meaning they are not actively looking for work, but say they want a job. As a share of total employment, this figure is at 3.8%, the highest since October 2021. This is in-line with the levels seen in the 2008 and 2001. If these people were counted as unemployed, the unemployment rate would be ~0.3 percentage points higher. The Fed will "blame" a weak labor market for a September rate cut.(The Kobeissi Letter)