Seventy percent of economists and 75% of Fortune 500 CEOs are predicting a recession next year, and that is backed up by the federal government’s tracker of gross domestic product – a key measure of economic activity.
Seventy percent of economists and 75% of Fortune 500 CEOs are predicting a recession next year, and that is backed up by the federal government’s tracker of gross domestic product, a key measure of economic activity.
Here in San Francisco and Silicon Valley, a cryptocurrency crash has brought down tech stocks, and companies have laid off workers. The question is whether a recession will be brief, like the one in 2020 caused by COVID-19 impacts on the economy, or long-term like the 2008-2009 economic collapse spurred by the mortgage crisis.
High prices are driving some consumers away, and an economic slowdown would make a comeback of downtown more difficult. “The ecosystem requires people to be in the office more than three days a week,” Rosen says. “The real question is whether startups and other companies in those areas lay more people off.”The San Francisco cryptocurrency company Coinbase rescinded job offers, then laid off 1,100 workers this month. A crypto meltdown has led to tech stocks dropping. Some fear a recession in tech. But both Egan and Rosen say there are actually two tech sectors, and only one of them is in trouble.
“What we have now is Tuesday. Wednesday, Thursday,” Rosen says. “That’s the hybrid model that many companies are following. But I think they will go back to a more traditional model.”
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