JPMorgan Chase economists scrapped their call for a recession in the U.S., joining a growing number of forecasters who now expect the economy to avert the downturn that was once viewed as inevitable.
The bank, which had previously said it expected a recession to begin in 2023, now sees continued expansion this year and “modest, sub-par growth” in 2024 as the most likely scenario. Michael Feroli, chief U.S. economist at the bank, flagged the rising possibility of “healthy non-inflationary growth” thanks to potential productivity gains from artificial intelligence and a pickup in labor supply.
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