We are in a rolling recession which is unusual, and some analysts expect it to continue next year and maybe longer. Charts in the article show the ups and downs in various sectors from 2019 to 2023.
A rolling recession describes an economic downturn that only affects some sectors at a time. With a hard recession, most sectors are hit at the same time with layoffs and financial struggles. During a rolling recession, various sectors take financial downturns at different times. After those sectors recover, the slowdown "rolls" to other areas.
The overall economy never takes a large dip. Typically, the job market stays relatively strong in a rolling recession. A rolling recession is in constant motion, so it prevents a large-scale market crash.
https://www.weforum.org/agenda/2023/...-economy-news/
Whereas a standard recession hits all sectors at approximately the same time, a rolling recession means some industries are contracting as others expand.
https://www.capitalgroup.com/advisor...recession.html
What happened to the widely predicted recession that was supposed to wreak havoc on the U.S. economy this year? It happened. Just not all at once.
Different sectors of the economy have experienced downturns at different times. Thanks to this rare case of a “rolling” recession, the U.S. may not experience a traditional recession at all this year, or next, even with the dual pressures of elevated inflation and high interest rates.
“I am increasingly seeing signs that we may not get a broad-based recession,” says Capital Group economist Jared Franz. “Instead, what we are getting are mini-recessions in various industries at various times without much synchronization.”
Different sectors have experienced downturns at different times – travel, manufacturing, oil, chemicals, housing, semiconductors.