News Tech: The findings of a study on the status of the US economy performed by Stifel Financial Corp. (NYSE: SF) last week were released. Between July 18 and August 5, the financial services firm with its headquarters in St. Louis polled 70 corporate executives, business owners, and investors in private equity. As stated by the business:
The company said that “Inflation and the tight U.S. labour market constitute the two biggest perceived challenges to business today,” noting just 3% believe the American economy would completely avoid a recession.
The majority of respondents (79%) and 18%, respectively, think that the US economy is already in a recession or will experience one over the next 18 months.
Furthermore, according to the financial services company, “53% of respondents anticipate that inflation will be a problem for the next two quarters to a year, with another 43% anticipating elevated costs to linger for even longer.”
Last week, JPMorgan CEO Jamie Dimon warned that “something worse” than a recession could be coming. Tesla CEO Elon Musk recently said that inflation has peaked but we will have a recession that could last about 18 months. Bank of America has predicted that the U.S. will slide into a recession this year.
President Joe Biden said earlier this month that the U.S. economy had zero inflation in July. His statement followed an attempt by his administration to redefine the technical definition of a recession.