Economists Predict Recession And Rising Unemployment In 2023

Joe Biden has been a terrible president for the economy since day one.

Inflation and gas prices are at levels not seen in 40 years, and we still have supply chain problems and shortages of vital items like baby formula.

Now here’s the really bad news. Things could actually get worse in 2023.

The FOX Business Network reports:

Brace for a recession in 2023 as job losses top 2 million, Citi says

The U.S. will likely tumble into a “mild” recession next year that sees unemployment top 5%, according to a new report from Citi Global Wealth Investments.

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The group said in its latest outlook report published this week that the economy could lose an estimated 2 million jobs in 2023 as the jobless rate climbs to 5.25%.

“We believe that the Fed’s rate hikes and shrinking bond portfolio have been stringent enough to cause an economic contraction within 2023,” the economists said in the report. “And if the Fed does not pause rate hikes until it sees the contraction, a deeper recession may ensue.”

The Federal Reserve has been raising interest rates at the most aggressive pace since the 1980s in a bid to fight inflation. Policymakers have already approved six straight rate hikes, putting the federal funds rate into a range of 3.75% to 4% from near zero in March.

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Although officials are expected to approve a slightly smaller, 50-basis-point increase at their December meeting, they have also signaled an appetite for a higher peak interest rate…

Bank of America, Goldman Sachs and Deutsche Bank are among the major Wall Street firms forecasting a downturn next year, although they remain uncertain about its severity.

Many people have argued that we’re already in a recession.

Hopefully, things won’t get too much worse.

 

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