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Experts are predicting a ‘rolling recession’ in the US, where individual sectors are contracting in turn rather than all at once. Unemployment is low and GDP is rising, but inflation is high and the housing market is experiencing its worst sales decline since the Great Recession. Liz Ann Sonders of Charles Schwab has stated that the economy will suffer from advancing recessions. Despite signs of a weak transition into 2023, some economists are cautiously optimistic that a full-blown recession can be avoided. Mortgage rates have been decreasing and the labor market shows no signs of cooling. Companies outside the tech industry and interest-rate sensitive sectors are hiring, but tech companies have laid off 60,000 people in the last few months. President Biden has said his economic policies are working, and in the official Republican response, Governor Sanders focused on the culture war.
America Experiencing ‘Rolling Recession’ as Different Industries Feel Impact Differently