Fed officials have repeatedly urged there's no rush to cut rates.
Unemployment rose to 3.9% last month. That triggers the so-called "Sahm Rule."
The Federal Reserve faces potential policy pitfalls ahead as it wrestles with how to respond to investor angst.
Policymakers across the hawk-dove spectrum have signaled that they're inclined to forgo a rate hike at their next meeting.
Savings estimates have been revised upward by hundreds of billions of dollars.
Fed leadership has so far not shown much, if any, inclination to resist the rise in long-term rates.
The state of household finances is a key question facing the economy.
Surging energy costs played a role in tipping the US into recession in the mid-1970s.
Fed economists have rescinded a forecast of a mild recession within the near term.
The US central bank is widely expected to hold rates steady at its meeting next week.