Bank of America Projects Significant Job Loss in Early 2023

Objectivity 4.2 | Credibility 4.8 | Relevance 4.9

Bank of America is warning that the Federal Reserve’s aggressive actions to cool inflation will result in a projected loss of about 175,000 jobs monthly in the first quarter of 2023.  Ideally, the Fed would ease the jobs market enough to rebound inflation to healthy levels without significant and ongoing job loss, but Bank of America is doubtful this can be done.  Head of U.S. economics at Bank of America Michael Gapen said, “We are looking for a recession to begin in the first half of next year.”