‘Inflation is a big concern’: Economics professor shares recession concerns
LANSING, Mich. (WILX/Gray News) - Prices are going up on almost everything these days, and financial experts believe the U.S. could be on the brink of a recession.
“Now would be a good time to look for work along with savings -- always having a cushion of saving, if possible,” said Michigan State University Professor of Economics Dr. Antonio Doblas-Madrid.
WILX reports that if a recession hits the country, the job market will weaken, making a recovery a lot harder.
Doblas-Madrid said the economy is already seeing areas of weakness causing concern.
“The stock market is falling; it has had a very bad start of the year, especially with technology stocks,” Doblas-Madrid said. “And inflation is becoming a very big concern.”
Inflation has been a topic of concern, with financial analysts discussing increasing interest rates that could cause an economic slowdown and higher unemployment rates.
“The economy slows down; firms are producing less and selling less. Therefore, they are also hiring fewer workers,” Doblas-Madrid said.
Financial experts have said inflation has already started eating into consumers’ savings and spending accounts. Companies have also started to cut jobs because of staffing issues, one of the biggest impacts of a recession.
Doblas-Madrid said consumers should create a monthly budget, cut back where possible, and get more than one income stream to help them get through a recession.
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