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“The 2022 buzzword was recession,” said Douglas Boneparth, a certified financial planner based in New York. “And here we are in 2023 with a myriad of economic data suggesting otherwise.”
Boneparth, who is president of Bone Fide Wealth and a member of CNBC’s Financial Advisor Council, said data like the strong labor market and falling inflation isn’t pointing to the economic downturn experts predicted.
The U.S. Bureau of Labor Statistics reported annual inflation fell to 3% in June, and the July unemployment rate was 3.5%, just above the lowest level since 1969, according to the U.S. Labor Department.
Of course, with recessions notoriously difficult to predict, even for economists, advisors have warned clients about making fear-based investing decisions.
Recession ‘highly unlikely’ in the next 12 months
‘We constantly educate our clients’