Legendary economist Gary Shilling says consumer signals point to a recession in the next 12 months
Top economist Gary Shilling says he sees a 60%-70% chance the US enters a recession in the next year. Bloomberg/Getty Images Top economist Gary Shilling sees recession warnings coming from the US consumer. Americans are feeling the pressure of high energy prices and rising borrowing costs. Houesholds are beginning to tighten their wallets. Retail sales unexpectedly dropped in July. American shoppers are waving some red flags that hint at a recession in the next year, one legendary economist is warning. Gary Shilling, the Stanford economist and Merrill Lynch alum best-known for calling the dot-com bubble and 2008 housing crisis, is doubling down on his view that the US will likely enter a recession sometime in the coming 12 months. In a note this week, Shilling pointed to one particualr area of concern in the economy: the US consumer. Households are flashing warning signs as energy costs remain elevated and interest rates look poised to remain higher for longer. "Consumers are signaling that all is not great with the economy," Shilling wrote. "We continue to think there's a 60% to 70% chance that a recession unfolds in the next year. We also don't rule out a period of stagflation wi
Legendary economist Gary Shilling says consumer signals point to a recession in the next 12 months
Top economist Gary Shilling says he sees a 60%-70% chance the US enters a recession in the next year. Bloomberg/Getty Images Top economist Gary Shilling sees recession warnings coming from the US consumer. Americans are feeling the pressure of high energy prices and rising borrowing costs. Houesholds are beginning to tighten their wallets. Retail sales unexpectedly dropped in July. American shoppers are waving some red flags that hint at a recession in the next year, one legendary economist is warning. Gary Shilling, the Stanford economist and Merrill Lynch alum best-known for calling the dot-com bubble and 2008 housing crisis, is doubling down on his view that the US will likely enter a recession sometime in the coming 12 months. In a note this week, Shilling pointed to one particualr area of concern in the economy: the US consumer. Households are flashing warning signs as energy costs remain elevated and interest rates look poised to remain higher for longer. "Consumers are signaling that all is not great with the economy," Shilling wrote. "We continue to think there's a 60% to 70% chance that a recession unfolds in the next year. We also don't rule out a period of stagflation wi
