The dismal August jobs report on Friday did nothing to convince Mark Zandi that the US is safe from recession.
No matter how you slice it, the August jobs report showed a weakening labor market. Nonfarm payrolls came in well below forecasts, while unemployment rose.
Moody’s economist Mark Zandi has been closely watching what he describes as a “labor recession” unfold, with revisions for June showing a contracting workforce for the first time since 2020.
Friday’s report did nothing to dissuade him of the notion, and now the Moody’s economist told Business Insider he’s looking ahead for signs that the job-market downturn could spill into the broader economy.
