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Threats of a recession are on the horizon as the economy starts to feel the heat from record-high inflation and climbing interest rates.
Companies like Target and Walmart reported disappointing earnings this week. Simultaneously, households across the country are struggling to make ends meet due to rising food, housing, and rental costs.
“I don’t think you can have a completely benign soft landing of the economy at this point,” said Ethan Harris, head of global economics research at Bank of America Corp. “We’re either going to have a weak economy or a recession.”
While economists are expecting that suppressed demand will keep momentum throughout the rest of the year, 2023 could mark the beginning of an economic slowdown.
Economists at Goldman Sachs lowered their outlook this week in anticipation for an expected downturn over the next 12 and a potential recession within the next 24 months.
Chief economist at the National Federation of Independent Business is also anticipating a recession, with an April survey showing that the majority of small businesses expect economic conditions to worsen over the next six months.
Although this isn’t the first time in recent years that experts have predicted an incoming recession, plummeting stocks and revenue dips from the most reliable companies reveal a grim look at the the economy’s future.
