Recession: How to Prepare for an Economic Downturn
By 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.[0] This is characterized by high unemployment, low or negative GDP growth, falling income, and slowing retail sales.[1] Individuals and their personal brands can also take a hit during a recession.[0]
In response to this potential recession, the Federal Reserve has raised interest rates eight times, with rates currently at 4.50-4.75%.[2] Markets expect the Fed to raise rates at least two more times, although this could increase depending on the strength of the economy.[1]
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%.
An image provided by[3]
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
