‘Remarkable Drop’ in Demand for Goods and Services as Recession Fears Mount in America: S&P Economist

Prices advertised outside of a grocery store in the Flatbush neighborhood of Brooklyn, New York City, on June 15, 2022. Spencer Platt/Getty Images

The demand for goods and services in the U.S. economy has suffered in recent weeks, S&P economist Chris Williamson said while raising concerns about the country slipping into recession.

The pace of America’s economic growth has “slowed sharply” in June, with “deteriorating forward-looking indicators” setting the stage for an “economic contraction” during Q3, 2022, Williamson, the Chief Business Economist at S&P Global Market Intelligence said in a June 23 press release. The goods-producing sector is “already in decline” and the service sector is “slowing sharply.”