Moody’s Expects ‘Slowcession’ in 2023: No Growth, Rising Unemployment

U.S. one-dollar banknotes are seen in front of a stock graph in this illustration taken on Feb. 8, 2021. Dado Ruvic/Illustration/Reuters

The U.S. economy might face a “slowcession” this year rather than a recession, according to a new report from Mark Zandi, chief economist at Moody’s Analytics.

While the growing base-case scenario among investors, market analysts, and economists is an economic downturn, Moody’s expects “halting growth and higher unemployment” in 2023, effectively “avoiding a downturn.”