The U.S. will likely tumble into a “mild” recession next year that sees unemployment top 5%, according to a new report from Citi Global Wealth Investments.
The group said in its latest outlook report published this week that the economy could lose an estimated 2 million jobs in 2023 as the jobless rate climbs to 5.25%.
“We believe that the Fed’s rate hikes and shrinking bond portfolio have been stringent enough to cause an economic contraction within 2023,” the economists said in the report. “And if the Fed does not pause rate hikes until it sees the contraction, a deeper recession […]
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