😔 U.S. consumers are worried about the economic conditions approaching.
The Conference Board Consumer Confidence Index declined 107.8 points in October, after growing in August and September. Lynn Franco, Senior Director of Economic Indicators at The Conference Board, said that economic growth at the beginning of Q4 could be to blame, but recession risks seem to be on the rise.
Bob Costello, chief economist and senior vice president for the American Trucking Associations (ATA) is sounding off his opinion on a “short and shallow” recession early next year.
Despite stubbornly-high inflation and slowing economic woes, the economy has added 263,000 jobs and kept the unemployment rate at a low 3.7%.
The National Retail Federation (NRF) is now forecasting strong holiday sales despite sky-high interest rates and growing inflation - which is confounding to some.
The Conference Board Consumer Confidence Index declined 107.8 points in October, after growing in August and September.
Unemployment remains at a 50-year low, but the signs of an impending recession are growing clearer by the day.
Signs of a weakening economy and still-growing inflation are worrying Federal Reserve officials, especially after July reports show growing job vacancies.
The American job market continues to perplex experts.
Fears of a recession continue to grow as the US economy shrinks for the 2nd quarter of the year, contracting at a 0.9% annual pace.
The Treasury Secretary, Democrats, Republicans, and the economists at Goldman Sachs have wildly different opinions on the US economy - is it running headway into the Great American recession?
President Joe Biden claimed that inflation would be a “temporary” roadblock one year ago, but it seems to be far from temporary.
Stagflation was a 1970’s problem, but we might be looking down the same barrel today.
There are several possible explanations for why inflation could be high despite weak economic growth and low unemployment, including the near-constant supply chain disruptions.