It's Thursday

And initial unemployment claims rose to 264,000, the highest level in over 1½ years.

Applications for US unemployment benefits rose to the highest level since October 2021, adding to evidence that the labor market is gradually cooling.

Initial unemployment claims increased by 22,000 to 264,000 in the week ended May 6, Labor Department data showed Thursday. The reading was higher than all estimates in a Bloomberg survey of economists.

Continuing claims, which include people who have received unemployment benefits for a week or more and are a good indicator of how hard it is for people to find work after losing their jobs, rose by 12,000 to 1.81 million in the week ended April 29.

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The data can be choppy from week to week. The four-week moving average of initial claims, which smooths out some of the volatility, rose to 245,250, marking the highest level since November 2021.

I think that we are already in a recession.  It's just not official yet.