The alarm bells of recession are ringing.
Economists at Bank of America now see a contraction in US growth. In the fourth quarter, they see real GDP 1.4% below the year-earlier level. That will be followed by a moderate recovery with the economy expanding 1.0% in 2023.
Remember, these are real growth numbers. With inflation running at 9.1% the economy needs to grow 9.1% just to break even. Every time prices tick higher, it's a big drag.
