Citi’s chief US economist, Andrew Hollenhorst, predicts that the US economy will enter a recession in mid-2024, dispelling hopes of a soft landing. Despite positive indicators like low unemployment and strong consumer spending, underlying weaknesses such as falling hours worked, decreased full-time workers, and stalled hiring in sectors like restaurants suggest a different reality.
Additionally, inflation remains high, credit-card delinquency rates are rising, and retail sales have declined. Hollenhorst’s views are backed by Apollo Management’s Torsten Sløk, who also believes a soft landing is now the “least likely” scenario.
No soft landing: The US economy is going to fall into recession in the middle of 2024, Citi’s chief economist says
February 15, 2024
Article from Business Insider by Aruni Soni
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