The US job market is weakening: The number of unemployed Americans for 15+ weeks is up to 3.3 million, the highest since September 2021. This figure has risen +1.6 million since July 2022. As a % of total employment, this indicator is up to 20.3%, the highest since October 2021. Since the 1950s, each time this percentage has been this elevated, the US economy was already in a recession. As a result, the average duration of unemployment is up to 25.3 weeks, only below the post-pandemic 2021 levels and the post-2008 Financial Crisis recovery. Long-term unemployment is concerningly high.(The Kobeissi Letter)