There are increasingly hyperbolic predictions being made in the mainstream media that 2023 is going to usher in a recession. There are a number of indicators economists are using to make this prediction, including rising interest rates, stubborn inflation, and supply chain issues persisting years into the COVID-19 pandemic. However, there are other signs of the economy being stable and maybe in a position to make improvements in 2023. One such indicator is the unemployment rate which remains at historic lows as strong job numbers persist. The Gross Domestic Product (GDP) also doesn’t show any sign of declining to recession levels and neither do retail sales metrics. The truth is that no one can predict what the economy is going to do, especially in the short term, and it doesn’t make sense to behave differently in anticipation of what may be a looming recession.
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