Thanks to Bidenflation, the U.S. economy will soon begin to lose 175,000 a month, according to the Bank of America.
Biden is pretending as if the economy is just on the verge of recovering and he has noted that we haven’t lost too many jobs (in his view), but even that is soon going to make a major change for the worse.
Although the jobs market remained surprisingly strong in September, the Fed is working hard to change that by aggressively raising interest rates to ease demand for everything from cars and homes to appliances.
The pace of job growth is expected to be roughly cut in half during the fourth quarter of this year, Bank of America told clients in a report Friday.
As pressure from the Fed’s war on inflation builds, nonfarm payrolls will begin shrinking early next year, translating to a loss of about 175,000 jobs a month during the first quarter, the bank said. Charts published by Bank of America suggest job losses will continue through much of 2023.
“The premise is a harder landing rather than a softer one,” Michael Gapen, head of US economics at Bank of America, told CNN in a phone interview Monday.
“We are looking for a recession to begin in the first half of next year,” Gapen said.
Who is he kidding? It’s already here.
Biden is destroying this country.