Economic turnaround quells fears of a recession

Dec 18, 2019
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Written by Washington Retail
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Less than a month after a state economist said he foresaw no upcoming recession in Washington, his national colleagues also have become less worried compared to last summer.

Economists last summer had been predicting at least a mild national recession in the next year to 18 months. But developments since have made them less concerned.

Last month, state economist Steve Lerch noted that unemployment remains low while state tax revenues are up from property, real estate excise and marijuana taxes.

Then, this week, The Washington Post reported that economists have shaken their recession fears due to a series of interest rate cuts and pending agreement on a U.S. trade deal with Canada and Mexico that will keep most goods traded between those nations tariff-free. The U.S. also has reached a limited trade agreement with China that scrapped proposed heavy tariffs.

In short, according to reports, these developments remove uncertainty about the economy’s future that tends to inspire confidence in consumers and investors alike.

Read more here and here.