CITI US Chief economist says we are headed to a recession and hard landing

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  • The US economy is headed for a recession in the middle of 2024, Citi’s chief US economist said.
  • The economic data seems strong but is hinting at signs of a decline, as seen in the latest jobs report.
  • Credit-card delinquency rates are also on the rise, and retail sales data has shown a drop in activity.
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The soft-landing dream is over; instead, the US economy is headed for a recession in the middle of 2024, Citi says.

“There’s this very powerful and seductive narrative around a soft landing, and we’re just not seeing it in the data,” Citi’s chief US economist, Andrew Hollenhorst, said in a CNBC interview.

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On the surface, the data looks great: The economy is benefiting from historically low unemployment, strong consumer spending, and robust GDP growth.

But there’s more going on with the numbers than meets the eye.

“The question is where are these forward-looking indicators showing us that we’re going to go,” Hollenhorst said.

https://finance.yahoo.com/news/no-soft-landing-us-economy-022146984.html