JPMorgan's chief economist said on Friday the bank is no longer forecasting a U.S. recession this year and has raised its economic growth estimate as the economy expands at a 'healthy pace.'
Construction workers on the job at a residential project during the outbreak of the coronavirus disease in Encinitas, California, U.S., July 30, 2020. REUTERS/Mike Blake
The firm increased its current-quarter real annualized GDP growth estimate to 2.5% from 0.5%, Michael Feroli wrote in a research note on Friday. And while recession risks are still elevated for next year, Feroli said he expects modest, sub-par growth.a 2024 recession for the U.S. and increased their 2023 economic growth outlook for the country.
Feroli said this "vastly reduced the odds of a different type of financial crisis risk, although leaving in place the chronic headwind of tighter bank credit."
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