The Fed still predicting ‘negative growth’, US consumer expectations hit 12-year low. Will a recession follow?
From Yahoo Finance: 2025-03-28 06:44:00
Recent events have caused concern about a possible recession in the near future. President Trump mentioned a period of transition but was uncertain about predicting a recession in 2025.
A recession is characterized by a decline in the economy, often measured by GDP. Factors like low consumer spending and high unemployment also play a role. The NBER officially declares a recession.
Despite signs like negative growth predictions and low consumer expectations, it’s hard to predict a recession. Being financially prepared is key during uncertain times.
Emergency funds are crucial for unexpected expenses, like job loss or medical bills. Experts recommend saving three to six months’ worth of expenses in a high-yield savings account. Building skills and professional networks can also help during a recession.
Prioritizing bills and handling debt responsibly is essential in case of income loss. Making timely payments on loans and credit cards, and exploring hardship programs with lenders, can help navigate financial challenges during a recession.