and instead is heading for a recession in 2024, according to Citi’s chief economist, Andrew Hollenhorst
.“There’s this very powerful and seductive narrative around a soft landing and we’re just not seeing it in the data,” Citi’s chief economist, Andrew Hollenhorst.
One key area of concern is the labor market. Despite a strong January jobs report,
the number of hours worked and full-time workers has decreased. Sectors like the restaurant industry have also seen a stall in hiring, indicating potential economic weaknesses.
Hollenhorst also highlighted the persistently high inflation and rising credit card delinquency rates as other warning signs. The recent CPI data, which showed a higher-than-expected monthly inflation increase, has also negatively impacted the stock market.
Citi Economist Dismisses Soft Landing Narrative For US: 'Not Seeing It In The Data' (msn.com) b,