US recession worries aren’t dead. But they may have passed into a coma at 8:30 am ET on Friday. That’s when the Labor Department released its latest jobs report, which indicated employers are hiring virtually all the workers they can find — 339,000 in May alone. The report brought a sigh of relief from many economists. There have been a number of recession alarm bells ringing in recent weeks.
“It’s still possible that the case of avoiding a recession is, in my view, more likely than that of having a recession. The case of having a recession, I don’t rule that out either: It’s possible that we will have what I hope would be a mild recession.” What’s clear is that consumers are continuing to spend money. Maybe they’re not spending as much money at Target or Costco as those stores would like, but it’s partly because they’re spending it elsewhere.
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