The US economy is careening into another recession, two noted economists warn, as worries about the labor market and the coronavirus have worsened dramatically over the past two months.
The alarm bells are ringing as bad news piles up at the economy’s door: Prices on everyday goods are rising sharply as inflation is stuck at 30-year highs. Supply chains snarled during the pandemic mean some store shelves are bare. A labor shortage in some industries has left jobs undone. And the ultra-contagious Delta variant has put a damper on the rush back to the office.
“We are entering a recession — we are on the precipice of a recession,” one of the study’s authors, David Blanchflower, told The Post. “It’s always good to have an early warning.”
Even as vaccination rates rise and Covid deaths fall across most of the US, sentiment among consumers and workers has soured considerably as the year draws to a close, the economists say — contrasting sharply with the happy talk coming out of the White House that things are getting better.... Read More: NY Post