We’re keeping an eye on the general economy as 12 volt retailers approach the buy-in seasons for remote start and the holidays.
The financial news this week indicates the US economy may have turned a corner.
MarketWatch said Wednesday the US will avoid recession based on a new forecast from the Congressional Budget Office (CBO), a non-partisan organization.
The CBO said gross domestic product will likely grow by 0.4 percent for the second half, marking a total growth for the year of 0.9 percent. But then growth picks up in 2024 to 1.5 percent and in 2025 to 2.4 percent.
Inflation will gradually decline, the CBO said, and unemployment will tick up, landing at 4.5 percent in 2025. You can see the CBO’s report here.
A second report from MarketWatch said 71 percent of Wall Street economists believe the odds of a recession in the next 12 months are less than 50 percent, as per the National Association of Business Economists (NABE).
Economists see the chances of a recession at all diminishing, said the NABE.
Why? Sales at most businesses are on the rise and consumers keep spending. See more at MarketWatch here.
Also, the Wall Street Journal reported Thursday the US economy grew last quarter by 2.4 percent. It concluded, “Overall, the GDP report adds to evidence the economy remains resilient amid higher interest rates. The labor market is still tight, and inflation is easing. Economists are now dialing back their recession expectations…”
Source: MarketWatch, Wall Street Journal, Barron’s, CBO
