{"id":1710330,"date":"2022-10-25T06:01:05","date_gmt":"2022-10-25T10:01:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1710330"},"modified":"2022-10-25T11:33:57","modified_gmt":"2022-10-25T15:33:57","slug":"duh-most-business-economists-say-u-s-already-in-recession-or-may-be-soon","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/duh-most-business-economists-say-u-s-already-in-recession-or-may-be-soon\/","title":{"rendered":"Duh: Most Business Economists Say U.S. Already in Recession or May Be Soon"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fduh-most-business-economists-say-u-s-already-in-recession-or-may-be-soon%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1710330&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The majority of business <a href=\"https:\/\/www.theepochtimes.com\/t-economists\">economists<\/a> believe the United States is already in the midst of a <a href=\"https:\/\/www.theepochtimes.com\/t-recession\">recession<\/a>, despite the Biden administration insisting the economy is strong enough to avoid one, according to a new report.<\/p>\n<p>The October 2022 National Association for Business Economics (NABE) Business Conditions Survey <a href=\"https:\/\/nabe.com\/NABE\/Surveys\/Business_Conditions_Surveys\/October-2022-Business-Conditions-Survey-Summary.aspx\">report<\/a> was conducted between\u00a0Oct. 3\u201310 among\u00a055 NABE members.<\/p>\n<p>It found that nearly two-thirds (or 64 percent) of respondents indicated that the United States is either already in a recession (11 percent) or has a \u201cmore-than-even likelihood\u201d of entering a recession in the next 12 months (53 percent).<\/p>\n<p>The report comes as inflation stood\u00a0at 8.2 percent in September, while on a monthly basis the Consumer Price Index rose 0.4 percent. That is despite the Biden administration\u2019s promise that bringing down inflation remains a top priority.<\/p>\n<p>Federal Reserve officials have now indicated that more interest rate hikes are on the way, and could be even more substantial, possibly going well above 4 percent this year.<\/p>\n<p>NABE\u2019s report indicated a continued slowing of the U.S. economy as well as ongoing labor shortages and continued cost pressures for businesses.<\/p>\n<p>The Net Rising Index (NRI) for sales\u2014the percentage of respondents reporting rising sales minus the percentage reporting falling sales\u2014fell to 8 in the previous quarter, its lowest level since the middle of 2020, according to the NABE survey.<\/p>\n<p>Elsewhere, almost a quarter of the respondents (or 24 percent) reported a shortage of unskilled labor, while 63 percent said that\u00a0wages rose at their firms over the past three months, up from 55 percent in the previous survey.<\/p>\n<figure id=\"attachment_4628674\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/07\/28\/Brian-Deese-2-1200x800.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-medium wp-image-4628674\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/Brian-Deese-2-600x400-1.jpg\" alt=\"Epoch Times Photo\" width=\"600\" height=\"400\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4628674\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/Brian-Deese-2-600x400-1.jpg\" alt=\"Epoch Times Photo\" width=\"600\" height=\"400\" \/><\/noscript><\/figcaption><\/a> National Economic Council Director Brian Deese speaks to reporters during a daily press briefing with White House Press Secretary Karine Jean-Pierre at the White House in Washington on July 26, 2022. (Anna Moneymaker\/Getty Images)<\/figure>\n<h2>US Economy Has \u2018Strength and Resilience\u2019<\/h2>\n<p>Wage expectations for the next three months also dropped down from an NRI of 51 in July to 43 in October,\u00a0matching its lowest reading since April 2021.<\/p>\n<p>Hiring plans also appear to be easing, with the share of respondents stating they anticipate headcounts to rise at their firms over the next three months down to 22 percent from 24 percent in July and 50 percent in January 2022.<\/p>\n<p>Meanwhile, over half, or 52 percent, of respondents said that the\u00a0prices their firms charge increased in Q3 2022, up 9 percentage points from July\u2019s\u00a0NABE survey, while 44 percent of respondents expect\u00a0the prices their firms charge to increase,\u00a0down 6 percentage points from July.<\/p>\n<p>\u201cApproximately one-third of respondents report rising sales at their firms during the third quarter of 2022, compared to nearly two-thirds at the end of last year,\u201d said\u00a0NABE Business Conditions Survey Chair Jan Hogrefe, chief economist at Boeing Commercial Airplanes. \u201cProfit margins have contracted, on balance, with more respondents reporting falling rather than rising profit margins for the first time since mid-2020.\u201d<\/p>\n<p>Hogrefe noted that \u201ccost challenges, in particular through the wage channel,\u201d remain an issue, with the survey showing \u201cthe third-highest percentage of respondents reporting rising rather than falling wages in the survey\u2019s history.\u201d<\/p>\n<p>Despite the U.S. economy slipping into a technical\u00a0recession\u00a0in the first half of 2022, Biden\u2019s\u00a0top economic adviser, Brian Deese,\u00a0<a href=\"https:\/\/www.ft.com\/content\/ddcd309f-2aa3-4a60-98bb-95ff0f495439\" target=\"_blank\" rel=\"noopener\">told the\u00a0Financial Times<\/a>\u00a0on Sunday that the U.S. economy has the\u00a0\u201cstrength and resilience\u201d to prevent an economic downturn.<\/p>\n<p>\u201cIf we look at where the United States is, two things are clear. One is that we have a degree of strength and resilience in the <a href=\"https:\/\/www.theepochtimes.com\/t-labor-market\">labor market<\/a> and household balance sheets and in business investment. That is continuing to move our economy forward, and that\u2019s really important,\u201d Deese said.<\/p>\n<p>\u201cThe second is that we are in a stronger position than\u2009.\u2009.\u2009. frankly, any other country to navigate through this transition without having to give up those gains.\u201d<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-katabella-roberts\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/ttl7dayERL_WEB_KatabellaRoberts.jpg\" alt=\"Katabella Roberts\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Katabella Roberts is a news writer for The Epoch Times, focusing primarily on the United States, world, and business news.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The majority of business economists believe the United States is already in the midst of a recession, despite the Biden administration insisting the economy is strong enough to avoid one,<\/p>\n","protected":false},"author":1,"featured_media":1710337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1710330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1710330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1710330"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1710330\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1710337"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1710330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1710330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1710330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}