CNN —Wall Street bankers, investors and economists have for months waffled over whether a US recession is coming.
But for some Americans, the unforgiving economic pain typical during recession has already set in.
Consumer spending accounts for about two-thirds of economic output, so if more Americans are forced to cut back because they were laid off, that might throw the US economy into a recession.
Bank of America Chief Executive Brian Moynihan told CNN last week that he expects a mild recession early next year, rather than the late 2022 recession many have predicted.
That means that laid-off Americans were often able to find a new job quickly due to a hot job market.
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