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WASHINGTON — Michelle Gorra, the town’s Economic and Community Development coordinator, reported on the Farmers Market at the Tuesday, August 15, meeting of the Economic Development Committee.
Signs are emerging that the U.S. economy may not enter into a recession in 2023, as previously predicted. Recent inflation and jobs data shows signs that the U.S. economy is starting to cool.
Employers are expected to add roughly 29,000 new positions each month on average between now and June 2024, while unemployment is expected to hit 4.5 percent.
Experts put the odds of a recession between now and July 2024 at 59 percent, showing a downturn is more likely than not.
Economists' average forecast for the Fed's peak interest rate is 5.6 percent, reflecting a target range of 5.5-5.75 percent, the highest since 2001.