Wall Street Journal (07/15/23) Torry, Harriet; DeBarros, Anthony

Economists are dialing back recession risk expectations due to easing inflation, a strong labor market, and economic resilience, according to a survey of 69 economists by the Wall Street Journal. Economists lowered the probability of a recession in the next 12 months to 54% from 61% in the prior two surveys. Forecasters said gross domestic product would increase 1% in 2023, measured from the fourth quarter a year earlier, double the previous forecast of 0.5%. Nearly 60% said slowing inflation is the main reason for optimism about the economic outlook.

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