Why unemployment wise rise quickly even without layoffs.

Think about this. The labor participation rate is very low and some of that is due to the phony wealth people thought they had in stocks, real estate, and crypto. Whether it was your buddy or parents retiring early, they may be entering the job market soon. They are not counted as unemployed until they begin seeking jobs. This can raise the unemployment rate very quickly without even laying anyone off! As we head into recession layoffs will increase along with a massive decrease in job openings and many people will find themselves out of work but this time without unemployment.