Recession watch: U.S. economy is on shaky ground, but it hasn’t sunk into quicksand
Has the U.S. economy already toppled into a recession? Probably not, but it’s headed toward the danger zone.
The economy entered the new year with fading momentum. Rising interest rates orchestrated by the Federal Reserve to tackle high inflation have also delivered a big hit to growth. The government is also not going to lend a helping hand like it did during the first few years of the pandemic. “The economy was on the precipice of a recession, and may already have fallen off the ledge,” said Paul Ashworth, chief North American economist at Capital Economics.Take the labor market. The number of new filings for unemployment benefits fell to a four-month low of 190,000 in mid-January, keeping it near the lowest level since the 1960s.
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