The inventor of a famed recession indicator says many state-level warning signs are less dire when you factor in immigration

• A recession indicator known as the Sahm Rule has triggered in 20 states. But Sahm herself says the situation is less dire when you factor in immigration.
• Immigrants have had an impact on the labor market that isn't being fully factored into a rising unemployment rate, she said.
• "The increase in unemployment rates stem partly from the strength of the economy the past few years," Sahm wrote.

A historically accurate recession indicator is flashing across the country, but immigration trends leave no reason to worry, Claudia Sahm, the signal's founder, wrote in Bloomberg.