US Economy Predicted to Enter Recession Mid-2024, Citi Chief Economist Warns

Amid rising inflation and credit card delinquencies, key economic indicators suggest a looming recession, challenging hopes for a soft landing.

Citi's chief US economist, Andrew Hollenhorst, predicts a recession in the US economy by mid-2024, citing weakening labor market and rising inflation.
Recent data reveals a decline in retail sales and an increase in credit card delinquency rates, signaling consumer financial stress.
Despite strong job growth and low unemployment, underlying indicators such as reduced hours worked and hiring slowdowns point to economic downturn.
Economists argue that the dream of a soft landing for the US economy is increasingly unlikely, with a recession deemed the most probable outcome.
Apollo Management's Torsten Sløk supports the recession prediction, highlighting the gap between current economic optimism and the reality of weakening indicators.