A 'hidden crisis' in US unemployment is unfolding as 6.2 million Americans who want jobs remain sidelined from the workforce, according to recent analysis of Federal Reserve data, raising fresh concerns about the true health of the US labour market in mid‑2026.
The latest figures from the Kobeissi Letter, based on Federal Reserve Economic Data, point to a sharp rise in so‑called 'shadow unemployment'—people who are not officially counted as unemployed because they are not actively job hunting, but who still say they want work. That distinction matters, and it is starting to look increasingly uncomfortable.
