2023 Economic Outlook: Slower Growth Ahead, Risk of 'Recession-Like' Pain for Households
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Economists predict 2023 will be a "soft patch" for the U.S. economy, with slower growth but uncertainty around whether it will be an official recession.
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Multiple economists say even if there is not a technical recession, it will likely feel like one for American households in terms of economic pain.
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Reasons for the predicted slowdown include high interest rates, low business investment, consumer debt levels, and softening job markets.
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Forecasts range from definite recession predictions to optimism around a soft landing for the economy.
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Economists believe the Fed is unlikely to cut interest rates as quickly as markets expect, given still high inflation.