While recession in 2020 has become less likely, recession early in the next decade remains a serious threat, writes Mark Zandi, chief economist of Moody's Analytics, for CNNBusiness Perspectives
Mark Zandi is chief economist of Moody's Analytics. He was an advisor to John McCain's 2008 presidential campaign and supported Hillary Clinton in the 2016 presidential election. The opinions expressed in this commentary are his own.
.leftside-floating-image { width:100%; display:block; margin:0 auto 1.5rem; } @media screen and { .leftside-floating-image { float:left; width:50%; max-width: 200px; display:block; margin:0 1.5rem 1rem 0; } } Recession is a collective loss of faith in the economy. Investors, businesses and consumers decide en masse to head for the bunker, selling stocks and real estate, cutting investments and jobs, and pulling back on spending.
Just over a year ago, I predicted to CNN Business that a recession in the United States was likely in 2020. Of course, I didn't know for sure. What I did know is that the preconditions for recession were coming into place and that recession risks were rising.This may sound incongruous with the unemployment rate hovering near a 50-year low of 3.5%, and a record stock market. There has also been better news on the trade front.
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