A report from Bank of America says the U.S. will have a “mild recession” in the second half of 2022, fueled by inflation and heightened energy costs. Michael Gapen, head of U.S. Economics for Bank of America, joins “CBS News Mornings” to explain the report’s findings and what a potential recession means for Americans.
#news #recession #economy
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A new report has predicted that the United States will face a “mild recession” this year, due to a combination of factors that include the ongoing trade war with China, a slowing global economy, and a possible labor market downturn.
The report, published by Oxford Economics, a UK-based research firm, forecasts that the U.S. economy will grow by just 1.7% this year, which is a significant drop from last year’s growth rate of 2.3%. The report also predicts that there will be a 15% chance of a recession occurring in the next six months, which is up from a 10% chance in April.
So what’s causing such a pessimistic outlook? According to the report, the trade war with China is one of the main factors. The two countries have been locked in a trade spat for over a year, with both sides imposing tariffs on each other’s goods. This has caused uncertainty in the markets and has led to a slowdown in economic activity.
Another factor impacting the U.S. economy is the global slowdown. The report notes that the world’s major economies, including China and Europe, are experiencing sluggish growth, which is having a ripple effect across the world. This could impact U.S. companies that do business abroad and lead to a contraction in domestic economic activity.
Finally, the report identifies a possible labor market downturn as a risk factor for the U.S. economy. While unemployment remains low, there are signs that job growth may be slowing, and there are concerns that a recession could lead to a spike in job losses.
Despite the report’s bleak predictions, some economists remain optimistic. They point to the strength of the U.S. consumer, who continues to fuel the economy through spending, and to the fact that the Federal Reserve has cut interest rates, which could stimulate growth.
Even if a recession does occur, economists believe that it will most likely be short-lived and that the U.S. economy will rebound relatively quickly. However, in the meantime, businesses and individuals are being urged to prepare for a possible downturn by diversifying their investments and saving for a rainy day.
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Just a flesh wound
Team Biden's recession revisionism is channeling Groucho Marx, who said, "Who are you going to believe, me or your own eyes?"
We're in July so what month they Talkin bout???
A mild recession will turn into a major one under the current administration, we need Donald trump back.
Hey look, foreign owned propaganda network says we are fine!
Wait wait, didn’t your political shot callers redefine the term “recession” the other day? Tf, aren’t you guys paying attention? If you’re gonna be a lapdog for the establishment keep up please.
Anyone living on a budget knows we are already in a recession, and it isn't so mild.
It okay, Biden says the recession is only transitory.
Just like the fact that INFLATION WAS TRANSITORY??
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Don't be fooled guys..
Mild recession is playing safe, it can be really bad or it can be ok.
I guess the Democrats will lose in 2024…. ;(
Stop lying people are hurting look around Everything all are up this cause by FJB printing to much dollar.you are destroying middle class
A mild collapse.
Gonna be worse than that. Just waiting to see the veil drop.
"mild recession" LMAO
CBS is always a good place to get a little nonsense from liars.
A Mild recession? Thats one way to put it!
We are in a recession heading toward a depression.im already depress.all the bull going on with goverment..we need leadership
why would they say not as bad as the average down turn its so clear its a big recession so why not try to hid that by saying an average recession there trying to lie to hard here but why if they said average recession it would still be a lie we had a pandemic have we ever had a mild recession after pandemic let alone a standard recession?
and supporting a "mild" war, and a "mild" homeless situation
Courage taught me: that no matter how bad a crisis gets, any sound investment will eventually pay off..Educative Video
In god we trust : inc.
Do people realize that the truly wealthy OWN the banks…?
Mild recession?? LMAO I will wait till feb 23 and i bet we see over 10% inflation
Prison time for ya
MILD hahahha
They say mild recession. Translation, we are headed for the next Great Depression
WTF is a "mild recession"? At least yall are finally admitting that we're in one…..
As always no clear answer: " yeah we might get it, or maybe not if we're lucky. There is a chance that yes, but also than no"
I like hoe he doged the question about what caused the inflation
Yes it's wonderful to get information from Marxist shills. You can always trust that they'll give you accurate information.
The same experts that said we were in “transitory inflation“?
This is the same News Network who told us inflation would be transitory. This is the same News Network who is telling you to vote for Joe Biden
the severity of the condition of our economic circumstances is beyond many peoples comprehension and many continue to deny its existence.
It’s just greed & a rigged economy. Burn it down or fix it.
Lol…I think I'll trust my own research….why trust a dude from a bank…cmon
Guess Fake News economic experts are trying to sugar cost Biden failed economy. 1.7 inflation I think when President Trump left office. Biden now broke another record 9.1. Oh they look at all the jobs we created. Yeah because people have to have two or more jobs just to break even.
FJB and his whole administration for ruining America.
I translated word MILD from english to russian and then I started laughing… 🙂
A war and a pandemic.
While the uneducated blame Biden.