Sam Stovall, chief investment strategist at CFRA Research, joined Cheddar News to assess the state of the economy after stocks closed higher on Thursday following news of the House passing measures to raise the debt ceiling.
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Layoffs are piling up, raising worker anxiety
It's a tough time for the job market. Amid wider economic uncertainty, some analysts have said that businesses are at a “no-hire, no fire” standstill. At the same time, some sizeable layoffs have continued to pile up — raising worker anxieties across sectors. Some companies have pointed to rising operational costs due to U.S.'s new tariffs, while others have redirected money to artificial intelligence investments. Workers in the public sector have also been hit hard. Federal jobs were cut by the thousands earlier this year. And many workers are now going without pay as the U.S. government shutdown has now dragged on for more than a month.
Big Business This Week: “Probably about a 45% chance of recession.”
With prices up, trade down, and only 32% of Americans feeling confident about the economy, what comes next?
