With unemployment on the rise and inflation still a problem, how worried should be we about the future of the economy?
We’re nearing the end of the third quarter and economists like Dr. Tim Nash with the McNair Center at Northwood University warns that the signs show the economy may be headed to trouble.
“As overall costs are going up, the average American household can’t put together a thousand dollars cash for an emergency,” Nash said. “These are the kinds of things that make the economy moving forward less dynamic, less viable, and you begin to start to see new jobs created declining.”
Nash points out the unemployment rate has risen from 3.4% in April of 2023 to 4.2% last month, which could indicate a possible recession in the future.
As we approach the end of the third quarter, Nash also warns that Americans are falling behind on their bills, which is an alarming sign for a broader challenge with the economy.
