A highly anticipated downturn in the U.S. economy may not come to fruition, based on the latest economic data, experts say. Here's what consumers can expect.
Other experts point to the Federal Reserve's role in steering the economy.
As Fed officials target a soft landing for the U.S. economy, several moving factors will continue to affect Americans' wallets in the coming months.People stand at the check-out counter after shopping at a grocery supermarket in Alhambra, California, on July 13, 2022.While the U.S. economy is not in a recession, many Americans think we're already in a downturn, various surveys show.
For example, a steak dinner that now costs $50 at a New York restaurant may rise to $52 instead of $60 as inflation slows. But the price won't come down to $35, he said.2. There may be further moderation in hiringJoe Raedle | Getty Images News | Getty Images, that may tick up and peak at 4.3% in 2025, Bank of America projects.
Employers have announced plans to cut 481,906 jobs in the first seven months of this year, up 203% from 159,021 cuts for the same period in 2022, according to Challenger, Gray & Christmas, Inc., a global outplacement and business and executive coaching firm.
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