• Nancy Lazar, Piper Sandler’s chief global economist, told Business Insider that unemployment has risen significantly in 21 states.
  • Specifically, three-month average unemployment has increased by at least 0.5 percentage points from its low over the last 12 months in all 21 states. The group, which includes California and Illinois and numbered 19 states a few weeks ago, generates more than 40% of US GDP.
  • Lazar said that when joblessness has spiked across that many states in the past, a protracted downturn has followed almost every time. The state-level indicator is based on the “Sahm Rule.”

    Source: businessinsider.com