JPMorgan Reverses US Recession Call in Light of Growing Optimism

JPMorgan Chase & Co. economists scrapped their call for a recession in the US, joining a growing number of forecasters who now expect the economy to avert the downturn that was once viewed as inevitable.

The bank, which had previously said it expected a recession to begin in 2023, now sees continued expansion this year and “modest, sub-par growth” in 2024 as the most likely scenario. Michael Feroli, JPMorgan’s chief US economist, flagged the rising possibility of “healthy non-inflationary growth” thanks to potential productivity gains from artificial intelligence and a pickup in labor supply.

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