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UCLA Anderson Forecast: No Recession, but Slower Economic Growth
The threat of imminent recession has faded., UCLA Anderson says in its fourth and final economic forecast of 2023. This development results from expansionary fiscal policy, new national industrial policy and a consumer that continues to spend, despite overall economic uncertainty.
“The oft-predicted but never seen ‘recession next quarter’ has now faded in the face of expansionary fiscal policy, new national industrial policy and a consumer who is happy to continue spending,” says UCLA Anderson. However, the forecast says growth in the U.S. economy will be tempered as interest rates remain high and inflation rates only slowly recede.
In California, employment growth slowed at a rate higher than expected. Although the state’s economic growth will continue outpacing the nation’s, the difference will be relatively small for the first time in several years. This is partly because of slower U.S. economic growth, a slowdown in investment and slower logistics sector growth.
- ◦Economy
