The economy has stayed resilient in the face of rising federal interest rates, but experts are still undecided if the U.S. will see a recession in 2024.
Economists have been warning of a looming recession since the COVID-19 pandemic arrived, but it's unclear whether or when it will occur, according to keynote speakers at the Greater Phoenix Chamber's economic outlook event on Oct. 6.
One of the key reasons is because of the trillions of dollars in government spending since the COVID-19 pandemic through legislation such as the Inflation Reduction Act and American Rescue Plan Act to help support the economy.
The rapid growth of jobs and a slower return of some workers to the labor force has also kept unemployment low and wages high, said Elliott Pollack, CEO of Phoenix-based Elliott D. Pollack and Co., during the outlook panel at the Sheraton Downtown Phoenix hotel.
