CHART OF THE DAY: A Reliable Jobs Indicator Is Signaling A Big Unemployment Rate Spike

According to the Bureau of Labor Statistics, the U.S. unemployment rate has been trending down. It currently sits at 7.4%.

But is all of that about to change?

Gallup has its own unemployment rate tracker. And in recent years, it has tended to lead the BLS's measure.

Gallup's current 30-day rolling average unemployment rate has recently surged to a whopping 8.9%.

"Daily results reflect 30-day rolling averages based on telephone interviews with approximately 30,000 adults," notes Gallup about their data. "Because results are not seasonally adjusted, they are not directly comparable to numbers reported by the U.S. Bureau of Labor Statistics, which are based on workers 16 and older. Margin of error is ±1 percentage point."

It's a jarring signal.

Here's the chart from StreetTalkLive's Lance Roberts.