India, Aug. 5 -- Growing US unemployment figures in July sent global stock markets tumbling due to fears of recession in the US, and has triggered the Sahm Rule, an indicator used to detect the onset of recessions. However, Claudia Sahm, the inventor of the rule, says a recession may not actually be underway, in an interview with Fortune.

"I am not concerned that, at this moment, we are in a recession," she told Fortune, and added that "no one should be in panic mode today, though it appears some might be."

The Sahm Rule is an economic indicator created in 2019 by former US Federal Reserve Economist, Claudia Sahm. It is used to identify the onset of a potential recession in the US using labour conditions indicated by the unemployment ra...