AsianFin -- Moody’s Analytics chief economist Mark Zandi has reiterated his warning that the U.S. economy is on the verge of a recession, noting that downturns are often only confirmed in hindsight.
Speaking on Sunday, Zandi said current employment figures do not yet point to a recession, but more than half of U.S. industries are already reducing staff.
While the economy has not officially entered a recession, Zandi cautioned that the breadth of job cuts is troubling. He added that future revisions to labor market data could reveal that employment is already declining.
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