A second-straight quarterly decline in GDP meets a widely cited definition for recession. Experts say the economy isn’t there quite yet.
"Don't confuse headlines with underlying data," says Brad McMillan, chief investment officer for the Commonwealth Financial Network."People might call this a 'technical' recession, and that's because it doesn't really meet a lot of the criteria.", a recession is marked by"a significant decline in economic activity that is spread across the economy and lasts more than a few months.
Still, on the ground, many aspects of the current economy feel distinctly recession-like. Thanks to sky-high inflation, 71% of Americans say their income is failing to keep up with expenses, according to a It still makes sense to take some precautions, however. While the job market is currently strong, a further economic decline"could mean that jobs become more perilous — and you could be on the wrong side of that," says Paulsen., which financial experts say should ideally cover three to six months' worth of living expenses.
When it comes to your portfolio,"don't go outside of the bounds of the plan you already have in place," says Paulsen.
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