Slow-Motion Slowdown

Across the economy, the outlook is for slower growth.  Slower growth in demand, in employment, in profits and in inflation.  Recession is by no means certain.  However, a slow-growing economy is rather like a slow-moving bicycle – the slower its moves, the easier it is to topple it over.  And so, in the spring of 2023, there is a significant risk of recession starting before the end of the year.