The recession calls are getting louder on Wall Street, but for many of the households and businesses who make up the world economy the downturn is already here. Closed-down shops in Bradford, UK, earlier this month Goldman Sachs Group Inc. economists put the risk of such a slump in the US in the next year at 30%. A Bloomberg Economics model sees a 38% chance in the same period, with the risks building beyond that time frame. But for many it already feels like it's here. More than one-third of Americans believe the economy is now in a recession, according to a poll last month by CivicScience. The worries among small business owners, consumers and others are illustrated by so-called Misery Indexes, which blend unemployment and inflation rates. The gauge for the US is already 12.2%, similar to levels seen at the start of the pandemic and in the wake of the 2008 financial crisis, according to Bloomberg Economics. Read The Big Take. |
No comments:
Post a Comment