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Thankful, and Hoping for the Best (Editorial)

1 min read

Last week, the Wall Street Journal noted that the U.S. economy appears headed toward a situation previously thought unlikely: “inflation returning to its prepandemic norm without a recession or even much economic weakness, a so-called soft landing.”

Six months ago, the consensus view of economists surveyed by the Journal was that the U.S. would see a recession during the next 12 months. Last month, the consensus among those same economists was that there would be no recession.

Inflation, though still uncomfortably high for many people, has moderated to 3.2%, unemployment remains historically low, and wages and gross domestic product continue to grow.

Now, could the economists be wrong? Of course, and the world is nothing if not unpredictable. A financial or international crisis or suddenly soaring energy prices could throw the economy into a tailspin.

But for now, during this week of Thanksgiving, we’re grateful that the United States is not in a recession. And we remain determined to remember the past, plan for the future and live in the present. And, as always, hope for the best.

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