The majority of business economists believe the United States is already in the midst of a recession, despite the Biden administration insisting the economy is strong enough to avoid one, according to a new report.
The October 2022 National Association for Business Economics (NABE) Business Conditions Survey report was conducted between Oct. 3–10 among 55 NABE members.
It found that nearly two-thirds (or 64 percent) of respondents indicated that the United States is either already in a recession (11 percent) or has a “more-than-even likelihood” of entering a recession in the next 12 months (53 percent).
The report comes as inflation stood at 8.2 percent in September, while on a monthly basis the Consumer Price Index rose 0.4 percent. That is despite the Biden administration’s promise that bringing down inflation remains a top priority….