U.S. likely to enter a recession within 12 months, economists say
CBSN
The U.S. is likely to enter a recession sometime next year, forcing employers to cut jobs and causing corporate profits to shrink, according to a new survey of economists.
The survey, released Monday by the National Association for Business Economics, found that more than half of respondents said the U.S. is headed toward a recession in the next 12 months. An additional 11% think the economy is already in a recession, commonly defined as two consecutive quarters of shrinking growth.
The findings echo other recent analyses predicting a downturn as the Federal Reserve tries to slow growth in order to tamp down inflation. A recent Bloomberg Economics report put the chances of a recession within a year at a 100%. Deutsche Bank economists also expect a slump, forecasting that unemployment in the U.S. could reach as high as 6% next year, up sharply from 3.5% in September.
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