Barton Biggs: Dismal Jobs Report Raises Chance of Recession to 40%

“The U.S. economy added a net 69,000 net nonfarm payrolls in May, way below expectations for around 150,000 jobs, which boosts the chance of a U.S. double-dip recession o 40 percent, says Barton Biggs, founder of the Traxis Partners LP hedge fund.

Jobs reports in March and April disappointed as well and were further revised downwards in the May data, sparking fears that the economy is experiencing something worse than hitting a soft patch.

“We were looking for a soft patch to last throughout the summer, but certainly the risks have now increased that this is not just a soft patch and that we may actually roll over into a mild double-dip recession,” Biggs tells CNBC.”

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