La evaluación del riesgo de recesión en 2026: las reclamaciones por desempleo, el índice de los precios al consumidor (IPC) y la regla de Sahm como indicadores líderes

The U.S. economy stands at a crossroads as 2026 approaches, with a growing chorus of signals pointing to elevated recession risk. While the labor market remains resilient in some sectors, rising unemployment claims, divergent regional sentiment, and the Sahm Rule's looming threshold all suggest a 40%+ probability of a downturn. For investors, the challenge lies in parsing the credibility of these signals and alignming portfolio strategies to mitigate macroeconomic volatility.

The Sahm Rule and Unemployment Claims: A Ticking Clock

The Sahm Rule, a widely respected recession indicator, triggers a signal when the 3-month moving average of the unemployment rate rises by 0.5 percentage points above its 12-month low. As of November 2025, the U.S. unemployment rate stood at 4.6%, a 0.4-point increase from November 2024's 4.2%. While this has not yet crossed the Sahm threshold, the trajectory is concerning. Initial jobless claims surged by 44,000 in the week ending December 6, 2025, to 236,000-a spike attributed to seasonal adjustment challenges rather than structural weakness. However, the persistence of 1.957 million outstanding claims near 2021 levels underscores lingering fragility.

The Civilian Labor Force (CLF) data adds nuance. Employment gains in healthcare and construction offset declines in federal government jobs, yet the overall unemployment rate remains elevated. With the CLF showing little improvement since mid-2024, the Sahm Rule's activation in early 2026 appears increasingly likely, particularly if seasonal adjustments normalize and claims rise further.

Regional Sentiment Divergence: A Fractured Economic Landscape

The Federal Reserve's Beige Book, analyzed through NLP-driven sentiment models like FinBERT, reveals stark regional disparities. From mid-2022 through October 2025, consensus sentiment averaged -0.2, reflecting persistent pessimism. The Southwest and Southeast regions exemplify this divergence: the Southwest's legal and construction sectors show resilience, while the Southeast grapples with a surge in bankruptcy and restructuring demand. Such fragmentation complicates national averages, suggesting localized recessions may precede a broader downturn.

NLP models, though less reliable post-2021 due to decoupled sentiment and activity metrics, still offer value in short-term forecasting. For instance, J.P. Morgan's Q4 2025 analysis reduced the 2025 recession probability to 40%, citing eased trade tensions and delayed rate cuts. However, the Philadelphia Fed's Fourth Quarter 2025 Survey notes a 22.9% chance of Q4 2025 GDP contraction-a 6.7% drop from prior estimates. These mixed signals highlight the need for a multi-layered approach to risk assessment.

Portfolio Implications: Defensive Positioning in a 40%+ Risk Environment

With recession probabilities exceeding 40%, investors must prioritize defensive positioning. Defensive sectors like utilities, consumer staples, and healthcare-industries less sensitive to economic cycles-offer stability. Gold and Treasury bonds also gain appeal as safe-haven assets. Conversely, cyclical sectors such as industrials and financials face headwinds, particularly if the Sahm Rule triggers a formal recession signal.

However, the regional divergence complicates all-or-nothing strategies. Investors should consider geographic diversification, overweighting regions like the Southwest (resilient labor markets) while hedging against Southeast volatility. Additionally, high-quality growth stocks with strong balance sheets can provide downside protection if the recession proves mild.

Conclusion: Navigating Uncertainty with Prudence

The interplay of rising unemployment, Sahm Rule proximity, and divergent regional sentiment paints a complex picture. While the 40%+ recession risk is credible, the post-pandemic economy's unique dynamics-such as decoupled sentiment and activity metrics-demand caution. A balanced portfolio emphasizing defensive assets, regional diversification, and liquidity will be critical in 2026. As the Federal Reserve's policy response and regional imbalances evolve, agility will remain the investor's greatest asset.