The top economist at credit rating agency Moody’s Analytics warned that the U.S. economy could be entering recession territory soon.
“The economy is on the precipice of recession. That’s the clear takeaway from last week’s economic data dump. Consumer spending has flatlined, construction and manufacturing are contracting, and employment is set to fall. And with inflation on the rise, it is tough for the Fed to come to the rescue,” said Moody’s Chief Economist Mark Zandi in a series of posts on social media platform X this week, referring to the Federal Reserve.
