Jon Wolfenbarger believes a recession will unfold in the months ahead.

He said yield curve steepening and NFIB data show rising unemployment is coming.

Wolfenbarger is the founder of BullAndBearProfits.com.

The October jobs report released last Friday wasn't great.

The US economy added just 150,000 jobs, under the expected 180,000, and the unemployment rate rose to 3.9%, now 0.5% higher than its low earlier this year. Numbers for September and August were also revised downward, meaning eight consecutive months have now been subsequently marked below their original prints, according to Jon Wolfenbarger.

For Wolfenbarger, the founder of the market newsletter site BullAndBearProfits.com and a former investment banker at JPMorgan and Merril Lynch, the jobs report was the latest sign that the labor market will continue to weaken.