The economy hasn’t rolled over into a recession, and might not, but plenty of warning signs are flashing. Thus, it's a good idea to prepare.
Inflation and layoffs were some of the biggest finance topics of 2022. What does this say about the U.S. economy going into 2023?If 2022 was the year of resurgent inflation, 2023 could be the year of recession — or at least a bumpy landing.Thus, it's a good idea to prepare.
He also suggests looking for incentives such as 0% balance-transfer offers, some of which last up to 21 months, if you can't pay off your credit cards in full each month.Investments typically decline during recessions, at least during the early phases. With a whiff of recession in the air, many assets faltered last year, from home prices to stock and bond values to cryptocurrencies.
“Having less debt and more savings will better enable you to weather whatever economic environment may lie ahead," McBride said. It’s also a good time to check your credit reports for errors and to review the various loans in your name, including credit card accounts you might have forgotten about. A solid credit history will translate into higher credit scores and the ability to get loans on good terms, should the need arise.4. Re-evaluate your job prospects
Despite a persistently low unemployment rate and ample openings, employees and job seekers shouldn't get overconfident. Bill Adams, chief economist at Comerica Bank, notes that the quality of job openings has declined, with layoffs rising in higher-paying industries including technology, finance and manufacturing while hiring continues in lower-paying fields such as leisure and hospitality.5.
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