It seems as if we’ve been anticipating the arrival of a recession all year, and most economists say that recession is likely to come sometime in 2023, but despite the many economic headwinds, one analyst says the domestic economy is fairing well. On Wednesday’s edition of the Newell Normand Show, Senior Economic Analyst for Bankrate.com Mark Hamrick described a mostly positive picture of current economic conditions.
“A lot of the data we’ve been looking at has been remarkably stable despite the concerns that things sort of careening off a cliff. There are exceptions, obviously the market remains in a bear market. The crypto market did fall of a cliff and the housing market is in a deep freeze but broadly the economy has been hanging in there pretty well. We’ll get big update on that this week with the main government jobs report on Friday,” Hamrick told Newell.
The economy may be stable in Hamrick’s view, but thousands of layoffs at Amazon and Meta this month have revealed concerns about that stability becoming less reliable. On Wednesday, CNN sent internal notices to employees that layoffs had commenced at the cable news network. CNN did not specify how many workers would be affected. Newell asked Hamrick what the increasing number of companies laying off employees says about the overall economic outlook.
“I think a lot of that is consistent with an expectation that the economy is going to be weak in 2023, due in part to the global economy, due in part to the high level of interest rates which as we say are set to go higher still,” Hamrick said. Hamrick told Newell that with 10 million job openings in the U.S. there is still a big demand for workers.
