How the US economy went from booming to a recession scare
CNN
Just 20 days ago, the US stock market was sitting at all-time highs. The US economy appeared to be growing at a solid pace. And a recession was nowhere in sight.
Just 20 days ago, the US stock market was sitting at all-time highs. The US economy appeared to be growing at a solid pace. And a recession was nowhere in sight. Now, the R-word is seemingly everywhere. Recession fears are rocking the stock market. GDP forecasts are getting slashed. President Donald Trump and his economic team are facing questions about a possible recession —and failing to ease mounting jitters about the economy. It’s stunning how fast the mood has flipped. Investors who just a few months ago wondered if the economy was perhaps too strong are now bracing for real trouble ahead. The reality is that the US economy doesn’t appear to be near an imminent recession. It was growing at a steady clip at the end of last year. The first quarter isn’t even over yet. And the jobs market was still in growth mode in January and February. It’s way too early to say the economy is destined for a recession, a deep downturn typically marked by mass job loss, bankruptcies and foreclosures.
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