A recession could be on the way. Or it could not.
Economists have been predicting and prognosticating for months, some saying the economy will recede later this year, while others point to 2024. If it does happen, most agree it will be mild, not to the level of job losses from the 2007-09 Great Recession.
Regardless which forecast is right, financial experts say it’s a good time to take a step back, put finances in order and think about job security just in case a recession does come to pass.
“There’s a fair bit that we don’t know. The crystal ball can be a little cloudy sometimes,” said Ted Rossman, senior industry analyst for Bankrate.com. “A lot of these tips are good whether there’s a recession in six months or whether there’s not. At some point there will be one, sadly. We can’t avoid it entirely.”