US youth unemployment and underemployment rates have risen sharply, reaching levels comparable to those seen during the 2008 financial crisis and the 2001 recession. Youth underemployment stands at approximately 17%, the highest since the 2020 crisis, while unemployment for graduates aged 20-24 has averaged 8.1% over the past three months, marking the highest rate in four years and an increase of about two percentage points over the last 19 months. Overall youth unemployment for those aged 16-24 is on track to reach a ten-year high, exceeding 15%. Concurrently, key economic indicators suggest a weakening labor market and potential recession. Inflation-adjusted consumer spending has declined at an annualized rate of 0.15% over the last six months, the steepest drop since 2020 and the weakest in 15 years excluding that crisis. The ISM Manufacturing and Services employment indexes fell to 43.4 and 46.4 respectively in July, both below the 50-point threshold that indicates contracting employment. The three-month average change in payrolls has slowed to 35,000, the lowest since June 2020 and the weakest outside the 2020 crisis in 15 years. Labor force participation indicators are also declining, suggesting that unemployment rates may rise further in the near term. These data points collectively point to a deteriorating job market and raise concerns about the US economy potentially being in recession.