The S&P 500 has never experienced a decline this deep with unemployment below 4%. This goes a long way toward explaining why people seem okay despite a bear market, rising prices, and rising interest rates.
Yep the recession(s) wont be worth writing home about…
Recessions are always worth writing home about when unemployment soars during the next election cycle.
The unemployment wont soar.
Mostly the main feature here is asset values being crushed.
Pay for the working and management classes has only gone up.
There will be some softness in 2023, sure. But nothing to write home about.