Read previewThe US is moving toward a recession, as the economy is feeling the comedown after trillions of "unproductive" cash was pumped in during the pandemic, according to former Commerce Secretary Wilbur Ross.
AdvertisementBut most of the stimulus cash wasn't deployed productively, Ross said, pointing to Americans who "immediately spent" their checks in a wild shopping spree.
Related storiesStrength in the labor market was also partly distorted by stimulus cash, he suggested.
Hiring has steadily slowed over the past year, with the unemployment rate triggering one long-running recession indicator with a perfect track record.
Most economists still agree that the economy remains on solid footing, given the rapid pace of growth and historically low unemployment rate.
Persons:
—, Wilbur Ross, Trump, Ross
Organizations:
Service, Commerce, Bloomberg, Business, Conference, Investor
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