Chances For A Recession Are Fading, Experts Say

Economists believe the chance of a recession is dropping, but still possible.

DESPITE PREDICTIONS OF A RECESSION, SO FAR, THE ECONOMY HAS AVOIDED IT.

Inflation is down from 9.1% last year to just 3% last month according to the Bureau of Labor Statistics.

And the Bureau of Economic Analysis says the gross domestic product, or GDP, expanded at an annualized pace of 2% in the first quarter.

And while there have been job losses in sectors like tech, banking and media, the job market has seen 30 consecutive months of growth and the unemployment rate remains near an all-time low of 3.6%.

PEOPLE FEEL BETTER ABOUT THE ECONOMY

The University of Michigan's Consumer Sentiment Index rose in July to over 72, a big jump from last month and the best reading in almost two years.

ARE WE OUT OF THE WOODS?

Economists now believe a recession is less likely but still possible.

If there is a recession many experts envision a soft landing, which would mean that the economy is able to avoid a contraction and widespread job losses.