U.S. Growth Expected to Slow Sharply Despite Solid Jobs and Spending
• U.S. economy expected to grow 5.2% in 3Q 2022, but slow sharply to 1% growth between 4Q 2023 and 4Q 2024
• Slowdown attributed to high inflation, manufacturing contraction, and unsustainable summer travel and consumer spending
• Only 25% of economists surveyed see 50% or higher odds of a recession
• Jobs report on Friday expected to show 180,000 positions added in November
• Consumer inflation on Tuesday projected to slip to 3.1%, but Fed Chair Powell warns more rate hikes may be needed