That's because aggressive Fed rate hikes haven't been fully felt across the economy. AdvertisementA wave of layoffs could be coming as companies deal with the reality of higher interest rates, economists say. The peak unemployment rate during the Great Recession was 10% in 2009. Following revisions to the prior two months' figures, the unemployment rate also rose to 3.9% in February, its highest level in two years. The unemployment rate is a classic lagging indicator."

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Persons: David Rosenberg, —, what's, Steve Briggs, Briggs, Rosenberg Organizations: Service, Rosenberg Research, Briggs, Bureau of Labor Statistics, Fitch