The Wall Street Journal on Sunday published an article with the headline, It Won’t Be a Recession—it Will Just Feel Like One. In other words, the GDP won’t drop, but neither will it grow very fast, probably around one percent. That lack of grown is going to feel like we’re going backwards.
In their survey of economists, the number predicting a recession in 2024 dropped from 48 to 39 percent. They predicted slower job growth, a climbing unemployment rate, and less consumer spending.
Keep in mind that this assumes no shocks to the system. No big wars, pandemics, or other disasters that upset the applecart.
And they made no prediction about food prices, one of the areas where Americans are still feeling the pinch. The increasing cost of food and other consumables is another reason it may feel like a recession, even if the numbers aren’t there to prove we’re in one.
