The US unemployment rate will keep rising: The gap between Americans saying jobs are “plentiful” versus “hard to get” fell to 9.7% in November, near the lowest in 4 years. Perceptions of the job market have consistently deteriorated over the last 3 years. Historically, this metric has been one of the earliest signals of rising unemployment. Meanwhile, continuing jobless claims reached 1.96 million in the week ending November 15th, the 3rd-highest since November 2021. To put it simply, finding a job in the US is still becoming more difficult. The Fed has no choice but to cut rates again.(The Kobeissi Letter)