BofA Warns of Looming Unemployment Shock, Recommends Selling Stock Rallies

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Bank of America (BofA) analysts are warning of a collapsing U.S. labor market and a potential rise in unemployment next year.

They also recommended selling a stock market rally ahead of the likely surge in job losses.

“Bears (like us) worry unemployment in 2023 will be as shocking to Main Street consumer sentiment as inflation in 2022,” stated BofA strategists led by Michael Hartnett, who revealed that global equity funds were having their biggest weekly outflows in three months.

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