Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
Deloitte: A US Recession Remains ‘Unlikely’
What is likely, however, is that the economy will keep growing at its current slow, and some would say unsatisfactory, pace.
New York--A report released this week by Deloitte states that the chance the United States will slip into another recession is slim but so is the probability that growth will pick up substantially.
In its U.S. Economic Forecast published online Tuesday, Deloitte stated that, “The likelihood of a recession remains low but the highest probability is that the slow, unsatisfactory growth of the post-recession period in the U.S. is the economy’s new normal.”
In the forecast, the New York-based professional services firm sketched out four different possible future paths for the U.S. economy and then placed subjective probabilities on each.
The least likely scenario is recession, with Deloitte putting the odds of another massive slowdown at only 5 percent.
The scenario Deloitte pinpointed as being the most likely, at 55 percent, is “the baseline,” where U.S. domestic demand is strong enough to provide employment for workers returning to the labor force, unemployment hovers around 5 percent and annual GDP growth is capped at about 3 percent.
The two other scenarios outlined were slower growth (25 percent) and a coordinated global boom (15 percent).
Deloitte’s U.S. economic forecast, which was published online Tuesday, also delved into specific sectors of the economy, including consumer spending.
According to the report, the U.S. consumer, the “longtime supporter of the global economy,” has remained surprisingly resilient but has begun saving more money, not spending like they did in the early 2000s.
Deloitte said it expects the U.S. savings rate to settle in at just over 5 percent, which is consistent with the amount of money consumers saved in the 1990s.
The report also noted that while there has been job growth and wages have picked up a little too, the consumer still faces a few obstacles.
Chief among them are the number of homeowners who remain “underwater” on their mortgages, baby boomers nearing or at retirement with inadequate savings and the growing wealth gap.
The Deloitte report states that, “As long as a large share of the gains from technology and other economic improvements flows to a relatively small number of households, overall U.S. consumer spending is likely to remain relatively restrained.”
The report was authored by Daniel Bachman, a senior manager for U.S. macroeconomics at Deloitte Services LP.
Download a PDF of the entire forecast on the Deloitte University Press website.
The Latest
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.