The US economy appears to go into a possible recession within two years, a new survey of business economists found. The survey by the “National Association for Business Economics” shows that 72% of economists predicted that a recession would occur by the end of 2021. That’s up from 67% in February and according to data collected from more than 200 experts.
The new figure shows that 38% of economists who say they expect the recession to strike in 2020 34% say they see the US economy falling in 2021. In a survey conducted in February, 42% said they saw a 2020 collapse, and 25% forecasted one in 2021.
The survey was taken before the Federal Reserve lowered interest rates on July 31 and before data pointed to heightened recession concerns in financial markets.
Stocks have dropped sharply last week after a key recession signal flashed for the first time since before the global financial crisis in 2007. Economists and investors have also become increasingly jittery about escalating trade tensions between the US and China, which the business economists recently cited as a risk.
That contrasts with recent comments from the White House, which has maintained a far rosier view of the economy than both private and government experts. The Trump administration has repeatedly promised the economy would grow at or above 3% throughout its term.
However, it’s going to take a while for American farmers, and US businesses that have been affected by the trade war with China, to get back on their feet again.
Deere, the agricultural company, reported earnings and sales that missed Wall Street forecasts last Friday. Revenue, overall, fell 3% from a year ago. The company’s CEO, Samuel Allen, said the company’s results “reflected the high degree of uncertainty that continues to overshadow the agricultural sector.”
The Trump administration has been pouring billions of dollars to farmers hurt by the trade war. It’s expected to begin paying $14.5 billion by the end of August, the second round of aid that the Trump administration has rolled to farmers, who grow soybeans, corn and wheat.
Those farmers have been battling tariffs from China for nearly a year now. Those levies wind up make American farm products more expensive for Chinese importers, and private buyers have mostly stopped buying American-grown soybeans or wheat. But it’s not only been tariffs on China that have been hurting US industries. US Steel announced it would also be temporarily laying off 200 workers from a plant in Michigan because of softening demand for steel. The company has been struggling since the beginning of the year as demand has slowed from Europe. Not helping matters is a 25% tariff on steel imports that was imposed on in 2018.
The Yucatan Times
more recommended stories
Chichén Itzá’s “El Castillo” one of the most important pyramids in Mexico and the world
El Castillo (or “The Castle” in.
Hyatt Launches Three Global Initiatives to Significantly Reduce Single-Use Plastics
CHICAGO–(BUSINESS WIRE)–Hyatt Hotels Corporation (NYSE: H).
Quintana Roo, the state with the highest real estate growth in Mexico
In Quintana Roo the Gross Domestic Product.
Mexico’s recently appointed Human Rights chief draws fury for asking if journalists have been killed
Mexico’s new Human Rights commissioner has.
U.S. Supreme Court divided on Mexican cross-border shooting dispute
WASHINGTON (Reuters) – Supreme Court justices.
Former leader of PEMEX oil union Carlos Romero Deschamps created a family empire
During his reign as the head.
Yucatan congress to send initiative to protect beekeping
MERIDA (Times Media Mexico) – On session.
Evo Morales using Bodyguards that were refused by AMLO
MEXICO CITY(Times Media Mexico).- Evo Morales,.
The Yucatan calls – part 2
We have settled deep inside the.
Meet the LeBaron living amongst the Maya
Quintana Roo, the home of the.