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Talk about what's happening.
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Experts have been warning about an upcoming recession. The Federal Reserve has been raising interest rates in order to slow the pace of inflation. The goal of the Fed is to make borrowing more expensive so that consumer spending starts to decline so that the gap between supply and demand can be closed.
The Federal Reserve is taking a risk. It could lead to a big decline in consumer spending if interest rates are raised too much. Many people are afraid that a recession could be caused by that.
The silver lining is that the labor market has been good. Financial experts agree that a recession won't be as long as they think it will be.
Jamie Dimon had some frightening things to say about the economy. It is a warning worth paying attention to.
Although he acknowledges that the U.S. economy is doing well, he still believes that conditions are going to get worse. There is a 20% to 30% chance of a recession in the near term, according to him.
When we think about what's worse than a recession, we usually think of a full-blown depression. He isn't saying we're headed in that direction. He thinks people should prepare for it.
Even seasoned economists can't say with certainty whether a recession will hit or how bad it will be. These situations need to run their course sometimes. It's always a good idea to prepare for a recession, even if it's not a good idea.
The best way to prepare for a recession is to increase your emergency fund. Many experts advise people to save more than three to six months of living costs because of the swine flu. Suze Orman thinks eight to 12 months of bills is a better amount of money to have in a savings account. It's better to be close to that mark.
It's important to do what you can to save money. You don't want to carry a credit card balance because it could cost you more later in the year or early next. You don't want large monthly payments hanging over your head if the economy gets worse.
Do your best to improve your skills at work. If your company is forced to downsize, it may lower your chances of being laid off. If you are laid off, it will improve your chances of getting a new job.
This isn't the first time this year that Dimon has warned about the economy, and it's likely to be the last. Stay calm, but make sure you're prepared for the worst.
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