The Reason the Recession Hasn’t Happened Yet
Despite soaring prices and interest rates, businesses and consumers have proved surprisingly resilient.
What happened to that recession? The recession we were supposed to be in right now, I mean—the one that various forecasters assured us was a sure thing. The “writing is on the wall,” many economists believed in June. A downturn was “effectively certain” as of October. Maybe the dip was already here, some suspected, and we just had yet to notice it.
Or not. Unemployment steady at its lowest rate in half a century. Layoffs are . The economy is growing at a. Wages are rising, and households are not reducing . Corporate profits are near an . report feeling confident. So why were forecasters so certain about a recession last year, leading so many people to feel so pessimistic?
