NEW YORK (AP) — Most business economists think the U.S. economy could avoid a recession next year, even if the job market ends up weakening under the weight of high interest rates, according to a survey released Monday.
Only 24% of economists surveyed by the National Association for Business Economics said they see a recession in 2024 as more likely than not. The 38 surveyed economists come from such organizations as Morgan Stanley, the University of Arkansas and Nationwide.
Such predictions imply the belief that the Federal Reserve can pull off the delicate balancing act of slowing the economy just enough through high interest rates to get inflation under control, without snuffing out its growth completely.
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High rates work to slow inflation by making borrowing more expensive and hurting prices for stocks and other investments. The combination typically slows spending and starves inflation of its fuel. So far, the job market has remained remarkably solid despite high interest rates, and the unemployment rate sat at a low 3.9% in October.
I am unemployed and have been for many months. I have never had issues finding a job, but finding one lately has been impossible. I know of 3 others in the same boat as I. I think that a recession is inevitable at this point. Lucky for me, I have other sources of income. I did have to drastically cut back spending, however.
There is definitely something going on lately. I’m always looking for better jobs on indeed, professional recruiting services etc, trying to improve my situation.
In the last 4 months its been seemingly impossible to even get a response, and I know I’m more than qualified for these positions I’m applying to, and I’ve never had an issue before, even during severe economic downturns.
This is a nightmare scenario for me. What are the other sources of income, if you don’t mind me asking?
Website advertising and subscription revenue for websites I have owned for years. Spouse income as well.