As the economy continues to produce mixed signals, the question on everyone’s mind is: are we in a recession? While it is difficult to accurately predict, some economists believe that the U.S. is already in a rolling recession.
A rolling recession is defined as when different parts of the economy take turns suffering instead of suffering simultaneously. For example, the retail sector might suffer first, followed by the manufacturing sector. Sung Won Sohn, professor of finance and economics at Loyola Marymount University and chief economist at SS Economics, believes that the U.S. is currently in a rolling recession.
The warnings of a possible recession in 2023 that had been circulating in 2022 have not been completely dismissed.[0] Financial experts are still taking these warnings seriously and believe that the economic conditions could decline in 2023.[1] Amy Maliga, financial educator with Take Charge America, believes that “nobody knows for sure whether we’ll see a recession or not”.[2]
It is important to remain aware of the current economic environment, and plan accordingly. Making marketing a priority is essential, even during a recession.[3] Having a concrete business marketing strategy is one of the best ways to keep your business afloat in tough economic times. Additionally, understanding the different types of recessions, what causes them, and what happens during them is key to being prepared.
Finally, it is essential to stay up to date on the economy. GOBankingRates’ 2023 Banking Resource Center provides helpful resources for understanding the economy and taking the necessary steps to protect your finances.[4] Additionally, GOBankingRates also provides a poll that allows consumers to voice their opinion on how they think the economy will perform in 2023.
In conclusion, whether or not the U.S. is in a recession is still up for debate. However, it is important to remain vigilant and stay up to date on the economy in order to protect your finances.
0. “Are we in a rolling recession? Here’s what that is, and why economists think we are.” USA TODAY, 26 Jan. 2023, https://www.usatoday.com/story/news/2023/01/26/what-rolling-recession-what-means-and-why-we-might-one/11126039002/
1. “Newly Retired and Worried About a Recession? Make This Key Move.” The Motley Fool, 26 Jan. 2023, https://www.fool.com/retirement/2023/01/26/newly-retired-and-worried-about-a-recession-make-t
2. “How to Prepare Your Finances for a Recession – Virginia Star” Scott County Virginia Star, 25 Jan. 2023, https://www.virginiastar.net/articles/how-to-prepare-your-finances-for-a-recession/
3. “How Can Brands Defy Recession? By Increasing Marketing Budgets” The Drum, 24 Jan. 2023, https://www.thedrum.com/opinion/2023/01/24/how-can-brands-defy-recession-increasing-marketing-budgets
4. “Is the Media Forcing Us Into a Recession?” AOL, 26 Jan. 2023, https://www.aol.com/finance/media-forcing-us-recession-205035082.html