The US is going through a rolling recession, and that's slashed the risk of a hard landing for the economy, Bank of America exec says
Meanwhile, other areas of the economy have remained buoyant. The services sector was strong over the first half, asdespite the gloomy economic backdrop. US GDP also expanded 2% in the first quarter.
Bank of America economists expect GDP to grow just 1.5% over the second quarter, before slowing down through the rest of the year. A mild recession will likely last for the first-half of 2024 as the rolling downturn spreads through other areas in the economy, Banks said, estimating a 1%-1.5% slowdown in GDP for the first and second quarters next year.
"Instead of having the balloon pop, there's been a slow letting out of the air," Banks said."We think this sort of rolling recession has taken out that big-bang risk of a hard landing, which a lot of people were worried about at the beginning of this year," he later added. Other commentators have turned more optimistic on the economy as the job market remains strong and inflation cools. The
, some experts say, assuming the labor market holds up and inflation can be tamed without crushing demand. Subscribe to push notificationsNOW WATCH: A $265 billion investment chief says one of the most valuable economic indicators is signaling a recession in about 18 months
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