Thursday, May 19, 2022

US May Be Heading toward Recession Next Year; COVID Pandemic, War in Ukraine Back the Belief

 The U.S. economy could be heading for a recession in the next year, according to growing warnings from banks and economists, as a sudden bout of pessimism  hammers financial markets, the Washington Post website reports today (May 19, 2022).


Although major swaths of the economy  -- including the job market and consumer spending -- remain robust, there are mounting worries that rising borrowing costs for consumers and businesses , after years of near-zero interest rates, could cause a sudden retrenchment.


Continued uncertainty from the coronavirus pandemic and Russia's invasion of Ukraine are adding to the uneasiness.


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