CHICOPEE, Mass. (WWLP) – Many investors and consumers are worried about a recession this year. But a new report finds the more likely scenario to be a “slowcession.” As we head into 2023 fears of a looming recession have been pervasive but there may be some good news to come out of the new year.
A new report from Moody’s Analytics shows the country will see a “slowcession” in 2023.
It where growth grinds to a near halt – but a full economic downturn is narrowly avoided.
the economy is in a space where even experts are debating if we’re in a true recession – while some financial advisors like Mark Teed from Raymond James Financial, believe that over-thinking about the economy won’t do any good.
“I would say to people don’t worry about a recession don’t worry about a boom don’t worry about inflation that much I mean pay attention if if it’s obvious to you but don’t worry about it. I think people spend too much time worrying about the next economic downturn,” said Teed.
Many however are still seeing obvious effects from the price of food, to electricity.
“The economy is getting worse like in the grocery store the prices just keep on going up up up, like I go in the grocery store and my bill used to be around 120 and now it’s over that maybe like 200,” said Anne Heyer from Holyoke.
While inflation and other factors are nearly guaranteed to continue to effect the public, both the report from Moody’s and many economist’s still have some optimism about the year ahead.
“I think it’s gonna be a lot like 2022 as far as creating new jobs I think it’s gonna be slowing down and that’s what the fed wants for raising rates to try to slow the economy down but I don’t think it’s gonna be that bad,” said Teed.
Current inflation is at 7.1% down from 9.1% in June which is some promising news. The next inflation report comes out January 12.