Recession

Goldman Sachs economists lowered their probability of a U.S. recession within the next 12 months to just 15%, citing better-than-expected economic data.

Fannie Mae said it continued to expect a modest recession beginning in the fourth quarter of this year or the first quarter of 2024, but a strong housing market would provide a "downside cushion."

Nearly two-thirds of working Americans who are at least 55 years old said they’ll delay retirement, a survey found. And those saving for retirement are doing so in a time of stubborn inflation and recession fears.

Growth in the economy as measured by gross domestic product (GDP) increased in the second quarter, suppressing fears of a recession. It could push the Federal Reserve to continue raising rates to lower inflation in the months to come.

A majority of business economists believe the odds of a recession within the next 12 months are at 50% or less, according to a survey published by NABE.

Interest rates have impacted the finances of 61% of Americans, an Allianz survey found. Some experts predict the Fed will raise interest rates again in July as inflation has not cooled to its target range.

Goldman Sachs economists lowered their probability of a U.S. recession within the next 12 months to just 20%, citing better-than-expected economic data.

Treasury Secretary Janet Yellen warned that China's economic slowdown risks "negative spillovers" into the U.S., but maintained a recession is unlikely.

The average price for a gallon of gas was $3.52 for the week ending July 6, AAA reported. And overall lower gas prices are encouraging Americans to seek road trips this summer. But inflation, high interest rates and recession fears may hold them back.

A recession is likely in 2023, Fannie Mae forecasted. And the Fed may continue to raise interest rates after its June pause, despite projections that inflation will continue to cool.

In Q1 2023, real gross domestic product (GDP) increased 2% annually, but some experts forecast recession by the end of the year. Still, many Americans say they have a plan to weather a financial crisis.

KPMG will reportedly shed around 5% of its U.S. employees amid economic headwinds and historically low attrition, a spokesperson for the Big Four accounting giant said on Monday.

A Federal Reserve governor said ongoing interest rate hikes are possible until inflation is closer to the institution's 2% objective. Meanwhile, Americans have been struggling with high interest rates and inflation, reports said.

Costco customers are switching from pricier meats like steak and beef to chicken, pork and even canned meats, which has historically indicated recession concerns, the CFO said.

The International Monetary Fund initially predicted Germany and Britain alone to suffer recessions as inflation remains high across Europe and spending drops in response.

Applications for jobless benefits inched higher last week but previous weeks of data were revised lower after Massachusetts rooted out unemployment fraud.

Consumer debt reached a record of $17.05 trillion in Q1 2023. Many Americans still deal with high inflation and are seeking help from their financial institutions, reports say.

Higher interest rates have forced a credit crunch as banks slow lending, creating a backlash in capital and resource-starved business sectors like manufacturing.

Former Dallas Fed President and CEO Robert Kaplan called for a "hawkish pause" on rate hikes as they "disproportionately hurt" small and mid-size businesses.

With many companies announcing massive layoffs and others on hiring freezes, the class of 2023 is entering an uncertain job market.