Recession: How to Prepare for an Economic Downturn
The U.S. economy is facing a potential recession, with the National Bureau of Economic Research defining a recession as two consecutive quarters of negative economic growth. This is characterized by high unemployment, low or negative GDP growth, falling income, and slowing retail sales. Individuals and their personal brands can also take a hit during a recession.
In response to this potential recession, the Federal Reserve has raised interest rates eight times, with rates currently at 4.50-4.75%. Markets expect the Fed to raise rates at least two more times, although this could increase depending on the strength of the economy.
It is now more important than ever for individuals and businesses to be mindful of the economic implications of their decisions. It is also important to note that global markets can have a major impact on the economy, with the Dow Jones Industrial Average recently dropping by -0.370% and the S&P 500 dropping by -3.71%.
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0. “Nine ways to recession-proof your personal brand” Jamaica Observer, 8 Feb. 2023, https://www.jamaicaobserver.com/business/nine-ways-to-recession-proof-your-personal-brand/
1. “What is a rolling recession, and is the US economy in one?” Fox Business, 13 Feb. 2023, https://www.foxbusiness.com/economy/what-is-rolling-recession-is-us-economy-one
2. “Economic outlook: Mild recession soon, national debt problems long term” Carolina Journal, 8 Feb. 2023, https://www.carolinajournal.com/opinion/economic-outlook-mild-recession-soon-national-debt-problems-long-term/
3. “NRF: Recession unlikely, growth ahead” Retail Customer Experience, 7 Feb. 2023, https://www.retailcustomerexperience.com/news/nrf-recession-unlikely-growth-ahead
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