WASHINGTON, D.C. (CNN) – The U.S. could be on the verge of losing tens of thousands of jobs.
Bank of America warns the Federal Reserve’s aggressive inflation-reducing policies could also slow the job market.
The company says the economy could start losing 175,000 jobs a month, throughout much of 2023.
Bank of America believes a recession will begin in the first half of next year with the unemployment rate climbing to 5.5%.
That’s one percent higher than what the Fed expects.
But it’s also well below the peak of nearly 15% in April 2020.
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