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The phrase "a very bad indication" is correct and usable in written English.
It can be used to describe a sign or signal that suggests something negative or undesirable is likely to happen.
Example: "The sudden drop in sales is a very bad indication of the company's financial health."
Alternatives: "a poor sign" or "a troubling signal".
Exact(1)
So a big increase in that can be interpreted as a very bad indication of the health of the labor market.
Similar(59)
"A very bad guy".
A very bad precedent.
A very bad joke.
A very bad boy.
A very bad turkey sandwich.
That's also a very bad thing.
"It was a very bad scene".
And a very bad taste.
Denial is a very bad thing".
"They are making a very bad bet".
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com