A new survey says Americans are increasingly worried about the economy, with about 6 in 10 concerned that a major recession is 'right around the corner.'
Despite those signals, most Wall Street economists do not expect a recession this year. More likely, they say, is a"hard landing" in 2023 linked to the Federal Reserve's move to hike interest rates. Such monetary tightening, which is aimed at dampening inflation, could backfire if consumers and businesses pull back too quickly, according to experts.
Under that definition, the 1.4% drop in first-quarter GDP doesn't constitute a recession, although it marks the first contraction since the brief but deep coronavirus-driven The main factors behind the first-quarter downturn: a sharp drop in U.S. exports; slower restocking of goods in store and warehouses; and decreased spending by federal, state and local governments.
While acknowledging that consumer fears of a recession"are worrying," Kathy Bostjancic, chief U.S. economist at Oxford Economics, told CBS MoneyWatch in an email that"for now they continue to spend."
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