Are predictions of recession just more doom & gloom from mainstream media

The mainstream media has been painting a gloomy economic picture for a long time. But they have been ramping it up lately, predicting a recession for next year. So, is this fact, or fiction?

Hank Lewis, an economist with Lone Star College says the predictions are being influenced by what's going on with the economies in Europe and China.

"Both countries are showing signs with economic slowdowns," Lewis said, adding that what happens with China and Europe will influence things here. In fact, there are indications U.S. economic growth is going to slow.

But, Lewis says you shouldn't jump and call that a recession. The better term would be contraction.

"During a contraction, the kind of unemployment we see is shrinkage through attrition. People quit or retire but would not be replaced. Nobody is forcibly laid off.

The situation why we've seen countries around the world cut their interest rates, and it could be why the Fed does that during their meeting this week.

 
Official Figures Indicate Britain Is Heading Into Recession

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