The idea that America could be in for a bout of stagflation – rising prices, a slowing economy and rising unemployment – has been growing recently.
July’s job numbers included the biggest downward revisions to payrolls outside a recession, and had many wondering if the US is already there. Goldman Sachs’ economics team says the US economy is at “stall speed” as housing and consumer spending start to crack, with the full impact of US President Donald Trump’s tariffs still to come.
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