Fears of a US recession are the most widespread since the coronavirus locked down the economy in early 2020, but the latest data suggests there's little to worry about.
With the Russia-Ukraine conflict roiling supply chains and lifting inflation even higher, economists' outlooks toward the recovery are weakening fast. Growth will very likely come in below initial forecasts, but that doesn't mean the US is plunging into a new downturn. By nearly all measures, the economy is still roaring back to life, and at a much better pace than seen after the Great Recession.
"We are a bit more remote from the immediate effects of the war compared to Europe, but we will be feeling them over time," Federal Reserve Chair Jerome Powell said during a panel discussion on Thursday. "But the US economy is very strong, performing very well. By most forecasts, we'll have another strong growth year this year."
Markets reporter Sam Ro was even simpler when detailing his optimistic outlook in a Sunday newsletter.
"Despite high inflation, rising interest rates, and geopolitical uncertainty, the economy most certainly doesn't seem to be headed for a recession any time soon," he wrote.
The US rebound is alive and well, from breakneck job creation to Americans' record-breaking spending spree. Here are three charts detailing the strength of the economic recovery amid new recession warnings.
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Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
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