The labor market data say it was very unlikely the economy was in recession in the first half of 2022. The @Claudia_Sahm Rule is not signaling recession.
Jobs have been growing at a much faster pace than they did in the runup to previous recessions.
(You might worry that the latest jobs numbers will be revised down. It is possible. The data misses turning points so overestimates job growth when the economy is worsening. Historically, however, that should be about 50K off the monthly jobs numbers.)
Data outside the labor market generally present a much worse story, especially the reduction in consumer spending for May and the downward revision for April as well as the data for housing.
And the jobs numbers could reverse. But for now, today's new information--the jobs numbers--was largely reassuring (although I would have been marginally happier with a rising labor force participation rate and slightly lower headline number).
Loading suggestions...