JPMorgan no longer expects U.S. recession in 2023

JPMorgan’s Chief U.S. Economist Michael Feroli no longer expects a U.S. recession in 2023. The economist revised up the firm’s current-quarter tracking of real annualized GDP growth from 0.5% to 2.5%, saying the Q3 data show the economy is “expanding at a healthy pace.” JPMorgan still believes growth in the U.S. “will slow to a subpar pace next year.” Recession risks continue to be elevated, but timing the exact quarter of the onset of a downturn “may be inherently an exercise in dart-throwing,” the economist tells investors in a research note.