Economic Output Down, Job Market Strong
In the first half of 2022, output fell but companies were still hiring. While some economists fear a recession is imminent, others maintain that without job loss, a downturn’s not in the cards.
The correlation in this pandemic cycle hasn’t been seen before. Inflation rates and interest rates are rising. At the same time payrolls are increasing, open jobs remain unfilled, and fewer Americans collect federal unemployment checks. We might not know what to call the unusual period we’re experiencing now, but we’re learning that economic indicators don’t always move in sync.