US Unemployment Rising: How Is This NOT a Recession?

The U.S. unemployment numbers are steadily climbing, as indicated by recent Bureau of Labor Statistics data. Typically, significant rises in unemployment correlate directly with recessions, which are shaded gray in historical data charts.

Currently, unemployment has reached over 7 million, significantly higher than recent lows. Historically, every similar increase has coincided with or preceded an official recession declaration. Yet, mainstream economic narratives have avoided labeling this a recession.

What does this data tell us, and is the market accurately pricing in the risk? Are we already in a recession, or is this time different?

Share your thoughts below. Let's discuss the disconnect between the unemployment reality and official recession narratives.