According to a recent survey by consulting firm KPMG, more than 90% of CEOs polled say they believe a recession will happen within the next year, with more than half thinking it won’t be mild or short. The survey also found that more than half say they’re considering reducing their workforce within the next six months to prepare for a recession. In other news, one expert is warning that the bear market in stocks may only be halfway through.
Fortune via Yahoo Finance/Tristan Bove
Around 90% of CEOs believe a recession is coming. Half of them are already planning for layoffs
A recession is on the way and don’t expect it to be short and mild, according to America’s CEOs.
The U.S. economic outlook is murky right now. Inflation is way up, but the labor market remains strong, even as the number of job openings dips. After two consecutive quarters of GDP decline and ongoing pressure from the Federal Reserve to slow down the economy, it’s possible the U.S. is already in a recession.
The vast majority of Americans are worried about a recession within the next year and so are the country’s business leaders, a new survey found. And they expect it to be a long one.
You can keep reading, here.
MoneyWise via Yahoo Finance/Lauren Bird
US national debt now tops $31 trillion for the first time ever — here’s who the country owes
The gross national debt in America has hit new heights, surpassing $31 trillion, according to a U.S. treasury report released this week.
If you find that hard to wrap your head around, it basically boils down to more than $93,000 of debt for every person in the country, according to the Peter G. Peterson Foundation.
And with the dramatic rise in interest rates over the past few months — the Fed funds rate is currently between 3% and 3.35% — the national debt will be growing at a rate that makes it even harder to ignore.
Continue reading, here.
The Felder Report via ZeroHedge/Jesse Felder
Why The Bear Market In Stocks May Only Be Halfway Through
There are a lot of different ways to analyze markets; fundamental and technical analysis are two of the most popular. Certainly, assessing the likely future path for corporate earnings and studying price patterns and momentum are both worthwhile, if not crucial to successful investing. Fundamentals tell a story about trends in the business cycle, and technicals tell you how investors react to hearing that story. Each, then, is most useful when viewed in context of the other.
As to the fundamentals, history suggests that the rapid rises in the dollar, interest rates and oil prices over the past couple of years represent a uniquely bearish trifecta that will likely have a very negative effect on earnings over the next year or so.
You can read the full story, here.