A report from Bank of America says the U.S. will have a "mild recession" in the second half of 2022, fueled by inflation and heightened energy costs. Michael Gapen, head of U.S. Economics for Bank of America, joins "CBS News Mornings" to explain the report's findings and what a potential recession means for Americans. #news #recession #economy CBS News Streaming Network is the premier 24/7 anchored streaming news service from CBS News and Stations, available free to everyone with access to the Internet. The CBS News Streaming Network is your destination for breaking news, live events and original reporting locally, nationally and around the globe. Launched in November 2014 as CBSN, the CBS News Streaming Network is available live in 91 countries and on 30 digital platforms and apps, as well as on CBSNews.com and Paramount+. Subscribe to the CBS News YouTube channel: Watch CBS News: Download the CBS News app: Follow CBS News on Instagram: Like CBS News on Facebook: Follow CBS News on Twitter: Subscribe to our newsletters: Try Paramount+ free: For video licensing inquiries, contact: licensing@veritone.com...(read more)
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A new report has predicted that the United States will face a "mild recession" this year, due to a combination of factors that include the ongoing trade war with China, a slowing global economy, and a possible labor market downturn. The report, published by Oxford Economics, a UK-based research firm, forecasts that the U.S. economy will grow by just 1.7% this year, which is a significant drop from last year's growth rate of 2.3%. The report also predicts that there will be a 15% chance of a recession occurring in the next six months, which is up from a 10% chance in April. So what's causing such a pessimistic outlook? According to the report, the trade war with China is one of the main factors. The two countries have been locked in a trade spat for over a year, with both sides imposing tariffs on each other's goods. This has caused uncertainty in the markets and has led to a slowdown in economic activity. Another factor impacting the U.S. economy is the global slowdown. The report notes that the world's major economies, including China and Europe, are experiencing sluggish growth, which is having a ripple effect across the world. This could impact U.S. companies that do business abroad and lead to a contraction in domestic economic activity. Finally, the report identifies a possible labor market downturn as a risk factor for the U.S. economy. While unemployment remains low, there are signs that job growth may be slowing, and there are concerns that a recession could lead to a spike in job losses. Despite the report's bleak predictions, some economists remain optimistic. They point to the strength of the U.S. consumer, who continues to fuel the economy through spending, and to the fact that the Federal Reserve has cut interest rates, which could stimulate growth. Even if a recession does occur, economists believe that it will most likely be short-lived and that the U.S. economy will rebound relatively quickly. However, in the meantime, businesses and individuals are being urged to prepare for a possible downturn by diversifying their investments and saving for a rainy day. https://inflationprotection.org/a-new-report-predicts-that-the-u-s-will-experience-a-mild-recession-in-the-current-year/?feed_id=94970&_unique_id=6456a8b69b3eb #Inflation #Retirement #GoldIRA #Wealth #Investing #bankofamerica #financialcrisis #financialmarket #financialreport #michaelgapen #mildrecession #MoneyWatch #recession #RecessionNews #bankofamerica #financialcrisis #financialmarket #financialreport #michaelgapen #mildrecession #MoneyWatch #recession
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