The Idaho Division of Financial Management released an updated economic forecast this week that predicts the state will see a modest slowdown in employment growth next year, but won’t dip into a recession regardless of what happens nationally.
The projection is based on the latest national forecast from IHS Markit, a London-based firm that provides global economic projections.
Many economists think the United States is already in a recession, after gross domestic product declined during the first two quarters of 2022.
GDP edged up at an annual rate of 2.6% during the third quarter ended Sept. 30th. However, IHS Markit expects growth to dip again over the final three months of the year, followed by a continued decline through the first half of 2023.
Overall, the company sees the U.S. economy contracting by about 4% before the recession ends. It also reduced its growth forecast for the remainder of 2023 and 2024. (Lewiston Tribune)
