Expert: Economic growth means a probable brighter new year
Everything costs more, but it’s not all bad news when it comes to the U.S. economy.
In fact, it’s grown at an annual rate of 2.6% in the third quarter of the year, marking the first increase this year and a sharp turnaround after six months of decline.
University of Alabama Economic Forecasting Director Ahmad Ijaz said the outlook for 2023 is looking better than expected.
“Even if we go into a recession next year, it should be a very mild recession,” Ijaz said. “Keep your fingers crossed. It is very difficult to predict a recession, how deep it will be or how mild it will be. We hope it is a mild one. We don’t want to see people losing their jobs.”
Ijaz said industries including leisure and hospitality are still adding jobs, while the technology sector has been hit hard by recent layoffs among major companies including Meta, Twitter and Amazon.