Utah economists attempt to calm fears about possible recession
Local Utah economy experts say their outlook on the future isn’t so bleak, but there are things you can do now to help yourself and your wallet.
“A recession is not inevitable right now. There are some signs the economy is slowing, one of the things we did see is the national GDP contracted,” said Spendlove. Spendlove adds he’s most curious to see what the Federal Reserve will do now, believing they should have started to raise interest rates about a year ago when inflation started.
“Sent that money out where the lack of spending wasn’t a lack of desire to spend, or lack of demand, it was fundamentally a supply issue… not a demand issue,” Dean explained.“So, what’s really important for people to do? Pay off that high interest debt, try to get out of some of those revolving credit cards or things like that,” said Spendlove.
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