Webinar: Mid-year economic trends to watch
According to a new Agency Forward survey, consumer sentiment on the economy and their personal finances has deteriorated since September, with only 16% of consumers positively rating the overall U.S. economic condition, an 8-point decrease from last year. Hear from Nationwide economist Ben Ayers on the outlook for the remainder of 2023 and learn about resources to use with clients.
Key takeaways
- Economy is still trending towards a recession but it will likely be delayed until Q4 2023. Expect this recession to be relatively mild, counter to beliefs of a deeper recession by respondents to the survey.
- Inflation continues to slow but elevated services costs should keep it higher into 2024. Reference to continued concerns expressed by survey respondents to cost pressures, both personally and across the industry.
- Fed likely to keep interest rates restrictive into 2024 to ensure that inflation is under control – which could delay a recovery from a recession, especially for housing and autos. This runs counter to a survey results which show that many want the Fed to ease sooner.
Resources to use with clients
Citations/Disclaimers
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The information in this report is provided by Nationwide Economics and is general in nature and not intended as investment or economic advice, or a recommendation to buy or sell any security or adopt any investment strategy. Additionally, it does not take into account any specific investment objectives, tax and financial condition or particular needs of any specific person.
The economic and market forecasts reflect our opinion as of the date of this report and are subject to change without notice. These forecasts show a broad range of possible outcomes. Because they are subject to high levels of uncertainty, they will not reflect actual performance. We obtained certain information from sources deemed reliable, but we do not guarantee its accuracy, completeness or fairness. Nationwide, the Nationwide N and Eagle, and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. © 2023 Nationwide