Skip to content
Apply
Stories

The US has dodged a recession in 2023, but the economic luck could run out next year

People in this story

Factory workers and United Auto Workers members picketed in Louisville, Ky., on Oct. 14.

The Boston Globe, November 2023

The United States has avoided a feared recession with the help of surprisingly strong spending by consumers and good luck in eluding potentially damaging economic hits, such as a protracted auto workers strike. But analysts said the risk of a downturn in the next year remains uncomfortably high because those trends can’t last forever.

Americans buffeted by still-elevated inflation are burning through their pandemic savings and feeling less confident about the economy. There also are new risks ahead, including a possible federal government shutdown this month and a war between Israel and Hamas that could send oil prices skyrocketing if it escalates.

The Federal Reserve on Wednesday demonstrated the economic uncertainty by holding off, as expected, on another interest rate increase as it recalibrates its fight to lower inflation. But Fed chair Jerome Powell cautioned that the rate hikes, which have been a main driver of recession predictions, aren’t necessarily over.

Continue reading at The Boston Globe.

More Stories

image of rabbi at pro-palestine march holding a sign that says freedom for gaza and all of palestine

‘I’m not sure this helps us much’: European countries are recognizing an official Palestinian state

05.28.2024
image of judge/elected official infront of DOJ logo

Government sues Ticketmaster owner and asks court to break up company’s monopoly on live events

05.28.2024
image of shopper outside A Walmart Health center in Pinellas Park, Florida, US, on Tuesday, April 30, 2024.

Why Walmart, Walgreens, CVS retail health clinic experiment is struggling

05.28.24
All Stories