70% Of Economists Predict a DARK FUTURE for the United States
(FeaturedNews.com) – The US could be heading into a recession next year. Economists aren’t optimistic that the country can sidestep the downturn, given the current state of affairs. A survey of 49 economists by The Financial Times and the University of Chicago’s Booth School of Business revealed that 68% predict a recession in 2023.
The poll also showed a split on precisely when the National Bureau of Economic Research will announce the recession, with 38% saying it will be in the first half of 2023 and 30% predicting the second half. Another 30% think it won’t happen until 2024, and only 2% believe it will occur in 2022.
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According to Harvard senior research analyst Alexander Hermann, the housing market is a good indicator of a recession. Downturns in home sales and construction often point to similar shifts within the economy. Currently, the housing market is slowing down after having a significant surge in 2021.
A recession will increase foreclosures, unemployment, and people’s overall chances of financial loss. As a result, consumers stop buying as much, and overall economic output goes down. The financial downslide could lead to cuts in wages or benefits, reduced savings, and impacts on retirement plans.
The Federal Reserve is raising interest rates to help combat inflation, with more increases expected to occur in the future. The goal is to slow spending, which will bring down the cost of goods, but it will also slow the economy. Attempts to control the country’s financial situation appear futile as economists seem to agree a recession is unavoidable.
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