United States might already be in recession, says expert

Web Desk

15th Jun, 2022. 12:37 pm
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In May, the consumer price index rose 8.6 percent year on year, the highest increase since December 1981.
Bleakley Advisory Group’s chief investment officer said he “wouldn’t be surprised” if the recession “started in the third quarter of this year”.
Both the consumer price index and core inflation, excluding food and energy, exceeded expectations.

NEW YORK: Strong inflation and worried consumers add to concerns that a recession has already begun, as per an international news agency, citing a few analysts.

Both the consumer price index and core inflation, excluding food and energy, exceeded expectations.

In May, the consumer price index rose 8.6 percent year on year, the highest increase since December 1981.

“We’re in a technical recession but don’t realise it,” Bank of America senior investment strategist Michael Hartnett told an international news agency.

Bleakley Advisory Group’s chief investment officer, Peter Boockvar, said he “wouldn’t be surprised” if the recession “started in the third quarter of this year.”

“You can say that we’re in the midst of it right now, in the beginning phase. Only in retrospect will we know for sure, but it should not surprise us at this point,” he stated.