Recession Hits World Economies; US Defies Expectations – RVBusiness – Breaking RV Industry News
NEW YORK — As some of the world’s biggest economies stumble into recession, the United States keeps chugging along, according to an Associated Press report.
Both Japan and the United Kingdom said Thursday their economies likely weakened during the final three months of 2023. For each, it would be the second straight quarter that’s happened, which fits one lay definition for a recession.
Yet in the United States, the economy motored ahead in last year’s fourth quarter for a sixth-straight quarter of growth. It’s blown past many predictions coming into last year that a recession seemed inevitable because of high interest rates meant to slow the economy and inflation.
Give much of the credit to U.S. households, who have continued to spend at a solid rate despite many challenges. Their spending makes up the majority of the U.S. economy. Government stimulus helped households weather the initial stages of the pandemic and a jump in inflation, and now pay raises are helping them catch up to high prices for the goods and services they need.
Click here to read the full Associated Press report.
