LANSING, Mich. (WLNS) – A new report shows the economy is expanding, but some experts still believe a recession could be coming.
Gross Domestic Product, which tallies the value of goods and services produced in the United States, increased by an annualized pace of 2.7% in the fourth quarter.
Although 2022 ended on a fairly solid note, growth for the whole year was up by just 2.1%.
That’s down substantially from the 5.9% blazing hot 2021, though a lot better than the horrendous 2020, when the economy shrank by 3.5%.
Looking ahead to this year, many economists have been predicting a more significant slowdown, perhaps even a recession. In either case, here’s what you can do now to prepare.
Make sure you have an emergency reserve fund that can cover six to 12 months of living expenses.
Keep this money in an accessible savings, checking, or money market account. Then, reduce credit card, or any high-interest debt, as quickly as you can.
In terms of your job, invest time in learning additional skills and strengthening your network so you can activate it, if your situation changes.
