The economic downturn is likely to last for eight months
Bloomberg: Forecast for US Recession Within Year Hits 100% in Blow to Biden
(Bloomberg) -- A US recession is effectively certain in the next 12 months in new Bloomberg Economics model projections, a blow to President Joe Biden’s economic messaging ahead of the November midterms.
The latest recession probability models by Bloomberg economists Anna Wong and Eliza Winger forecast a higher recession probability across all timeframes, with the 12-month estimate of a downturn by October 2023 hitting 100%, up from 65% for the comparable period in the previous update.
The forecast will be unwelcome news for Biden, who has repeatedly said the US will avoid a recession and that any downturn would be “very slight,” as he seeks to reassure Americans the economy is on solid footing under his administration.
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Update: US recession is now 100% CERTAIN within the next 12 months, according to new model from Bloomberg - but Bank of America CEO says spending and savings data show US consumer is 'healthy' (Daily Mail)
WNU Editor: The message from President Biden is the opposite. That the economy is strong (see below):
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