JPMorgan economists predict the U.S. will contract by 0.5% in the fourth quarter of 2023.
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Economists at JPMorgan expect the U.S. economy to contract by 0.5% in the fourth quarter of 2023, with the slowdown dragging further into 2024, ReutersThe recession forecast is based on the prediction that the Federal Reserve will continue to raise interest rates by a further 100 basis points through March 2023.that 77% believe a global recession was imminent.
The survey also found that most fund managers believe the U.S. will escape the worst effects of a global recession which they predict will have a bigger impact on the Euro zone and the United Kingdom. A report by Morgan Stanley was slightly more optimistic, predicting that the U.S. economy “just skirts” a recession in 2023 while the job market will continue to see a major downturn.that it expects a “looming recession” as the Federal Reserve will continue to raise rates until “after the economic damage of rate rises is clear.”that both the U.S. and global economy will slip into a recession in 2023, due to a combination of factors like the ongoing war in Ukraine and rate hikes by central banks.
released later in the month showed consumer prices rising at 7.7%—the slowest pace since January—a potential sign that the worst may finally be over.1%. That is what JP Morgan economists predict U.S. GDP growth will be in 2023, which is nearly half of what has been forecast for this year.
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