Billionaire Investor Gundlach Doubts Low Unemployment Rate Amid Rising Job Cuts, Sees Recession Signs Similar to 1970s
• Billionaire bond fund manager Jeffrey Gundlach questions recent "hard to believe" low unemployment rates when most states report rising unemployment
• Job cuts accelerated in 2023, with layoffs surging 98% compared to previous year
• Gundlach sees similarities between current markets and late 1970s-early 1980s inflation fight and recession concerns
• Yield curve inversion lasting over 80 weeks signals upcoming recession
• Gundlach predicts Fed Chair Powell will cut rates in 2024, partly for political reasons around presidential election