The demand for goods and services in the U.S. economy has suffered in recent weeks, S&P economist Chris Williamson said while raising concerns about the country slipping into recession.
The pace of America’s economic growth has “slowed sharply” in June, with “deteriorating forward-looking indicators” setting the stage for an “economic contraction” during Q3, 2022, Williamson, the Chief Business Economist at S&P Global Market Intelligence said in a June 23 press release. The goods-producing sector is “already in decline” and the service sector is “slowing sharply.”
“Having enjoyed a mini-boom from consumers returning after the relaxation of pandemic restrictions, many services firms are now seeing households increasingly struggle with the rising cost of living, with producers of non-essential goods seeing a similar drop in orders. There has consequently been a remarkable drop in demand for goods and services during June compared to prior months,” Williamson said….