recession

Inflation rose quickly during the early years of the pandemic, and many Americans are struggling with their finances. Even though we’re not in a recession, it feels that way for a majority of the country.

The economic landscape in this country looks very different now than it did four weeks ago, when the U.S. and Israel began waging a new war in Iran that has spread throughout the region. And the economic impact has been nothing but negative.

Amazon, Dow, UPS, Pinterest, and T-Mobile are among the many companies to announce layoffs in the last couple of weeks.

The Conference Board’s Leading Economic Index fell sharply in April by 1%. It was the largest one-month drop since March 2023.

And there’s worse to come.

People are trading recession theories online based on cultural observations. But how much can culture tell us about the economy?

Conference Board surveys point to unease about job security and raise questions about Americans’ future spending.

Usually, the federal government spends to help people through recessions. Now, “there will be far less attempt to cushion the effects,” said political economist Mark Blyth.

The hard data still points to a strong economy. But “soft” data — like consumer confidence readings — paints a different picture.

“What is completely uncertain is what the destination looks like,” says Mohamed El-Erian, president of Queens’ College, about the U.S. economy.