The U.S. economy is currently the subject of intense debate among economists and analysts. While some experts predict that the country may avoid a recession this year, recent data suggests that a majority of Americans believe the U.S. is already in a recession.
There are differing views on whether the U.S. consumer will slow down or continue spending in the summer months. Recent statistics show that households have accumulated a record amount of debt, and more consumers are falling behind on their credit card bills, leading some analysts to predict an economic downturn in the near future.
Despite these concerns, the National Retail Federation (NRF) remains optimistic about the state of the U.S. economy, stating that while economic growth may slow down, consumers are still willing to spend. NRF Chief Economist Jack Kleinhenz emphasizes that economic growth will depend on various factors such as job growth, inflation, and actions taken by the Federal Reserve.
The NRF projects that the economy will grow by about 2.3% in 2023 and expects inflation to decrease slightly during this time period. However, not all economists share this positive outlook, with some warning of stagflation – a period of high unemployment and inflation – based on increasing credit card debt and a rise in part-time jobs compared to full-time positions.
Overall, experts’ opinions regarding the future trajectory of the U.S
