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.

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

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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


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