The general sentiment among economists over the past year was that it was a near certainty that the U.S. would fall into a recession at some point in 2023 or soon after.
In recent months, however, that sentiment has begun to shift, with more economists, banking and political leaders now predicting a recession is likely to be avoided.
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Declining inflation is one reason for the renewed optimism.
Federal Reserve Board of Governors member Christopher Waller on Nov. 28 said the Fed could cut its benchmark interest rate as early as spring if inflation keeps declining.
Other good economic news includes recent drops in U.S. mortgage rates.
But consumer and government debt continue to rise, and locally, the unemployment rate increased in the Providence-Warwick metropolitan area in October.
