US recession in 2023: In light of recent reports suggesting the economy is holding up fairly well in the face of constantly rising interest rates, the majority of the country’s business economists have pushed back their predictions for when the next recession will begin in the United States.
WASHINGTON: Fifty-eight percent of economists polled by the National Association for Business Economics (NABE) expect a recession this year, which is the same percentage that predicted a downturn in their field in December. While half of those polled in December predicted a recession by March’s end, only a quarter made that prediction in January.
is recession coming in 2023 in us?
On Monday, the results of a survey of business, trade, and academic economists were made public.
Recession 2023 When will it Start – recession 2023 how long will it last
Almost one-third of the polled economists now anticipate a recession to start in the April-June period. Almost one-fifth believe it will begin during the period of July-September.
The Federal Reserve has raised interest rates eight times in an effort to limit growth and curb excessive inflation, but economists have been forced to postpone their predictions of when a downturn will begin as a result.
The unemployment rate dropped to its lowest point since 1969 in January as businesses added almost half a million positions.
- The state of Minnesota’s fiscal surplus has remained stable.
- Following last week’s fall, Wall Street stocks are showing signs of life.
- Wall Street has its worst week of the year as stocks fall.
- The performance of major US stock indexes on Friday, February 24, 2023
Recession 2023 how to prepare
In addition, January saw a 3% increase in retail and food service sales, the largest monthly increase in that sector in nearly two years. Consumers, who are the primary force behind economic expansion, appeared to be in good financial standing and prepared to spend.
Meanwhile, a number of official reports indicated that inflation picked right back up in January after having been flat for a while, fueling concerns that the Federal Reserve might boost its benchmark rate even more than was previously anticipated. When the Federal Reserve raises its key rate, the cost of getting a mortgage, vehicle loan, or credit card loan all goes up. Business lending rates are also on the rise.
When lending standards are raised, the economy can suffer and potentially enter a recession. The Federal Reserve has never been able to bring inflation down from recent highs without triggering a recession, according to research published on Friday in the journal Nature Economics.
