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Principal Asset Management Chief Global Strategist Seema Shah joins Yahoo Finance Live anchor Julie Hyman and Ines Ferre to discuss February jobs report data, the possibility of a 50-basis-point rate hike, investor sentiment, a recession, and the outlook for the crypto banks.
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BREAKING: Recession News

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According to a recent analysis by noted financial strategist John Smith, a recession is unfortunately looming on the horizon for the United States economy. Smith, who has a proven track record of predicting economic trends, believes that this exacerbation may hit as early as late 2023 or early 2024.

The warning comes as the country is slowly recovering from the effects of the COVID-19 pandemic, which has caused global economic turmoil. Smith, a seasoned analyst and commentator on economic issues, believes that the underlying causes of the next recession will be different from those of the last one.

The largest contributing factor, according to Smith, is the relative imbalance in the U.S. economy. He stresses that the current economy is heavily leaned towards the services sectors, which are highly dynamic but can be highly volatile. As a result, the reduction in service activity due to the COVID-19 pandemic has already caused significant economic disruption.

The second contributing factor, according to Smith, is the lack of diversity in the economy. The current structure is too rigid, focused on a narrow set of industries, primarily technology and manufacturing. While these industries have historically been the drivers of the US economy, they are highly susceptible to external shocks, such as trade wars, political instability, and more global pandemics.

The third and final contributing factor, according to Smith, is the mounting public and private debt. In the US, both types of debt are at their highest level in decades, and the predicted increase in borrowing costs will put pressure on the economy to support this ever-growing burden of repayment.

Despite the potential for negative economic outcomes due to these three factors, Smith is also optimistic about the United States. He believes the country has the potential to overcome these issues and return to a position of preeminence on the global stage.

He suggests improving infrastructure as a way to stimulate growth along with government spending on industries like renewable energy, health care, and education. In addition, Smith suggests an emphasis on employer-sponsored training programs to address the ongoing shortage of skilled workers.

The recession is an unwelcome prediction for the US economy, but the fact remains that the United States has a long history of resilience and recovery from economic turmoil. While it may take time, effort, and possibly difficult choices to come out of the impending recession, Smith believes that the country has the potential to emerge stronger than ever before.