ABC Economist Maintains 2023 Recession Forecast

The technical definition of a recession, two consecutive quarters of decline in the gross domestic product, has been met in 2022 in the first two quarters of the year. But ABC Chief Economist Anirban Basu counters that general consumer spending, summer travel, job growth, unemployment and wage growth do not indicate recession. In addition, multiple polls and surveys conducted by the Associated Builders and Contractors and other industry sources suggest that construction contractors remain optimistic about their profit margins over the next six months. The confidence starts to decline, though, when projections go out for 12 months and beyond. READ FULL ARTICLE>>