Inflation is at a 40-year high. Stock prices are sinking. The Federal Reserve is making borrowing much costlier. And the economy actually shrank in the first three months of this year. Is the United States at risk of enduring another recession, just two years after emerging from the last one?
For now, even the more pessimistic economists don’t expect a downturn anytime soon. Despite the inflation squeeze, consumers — the primary driver of the economy — are still spending at a healthy pace. Businesses are investing in equipment and software, reflecting a positive outlook. And the job market is more robust than it’s been in years, with hiring strong, layoffs way down and many employers desperate for more workers.
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(source Associated Press)