Financial Firm Changes Its Estimation On US Recession!

There are many fears about the possible recession hitting the United States. Following this, many big companies are removing employees to make their workforce crisp. Amid this, American multinational financial services JPMorgan Chase & Co came up with a piece of good news concerning the recession in the US.

Amending its forecast of the economic situation in the United States, JPMorgan said that they are not forecasting a recession hitting the country this year. The company in its report raised its economic growth estimate. The healthy pace of the country was cited as the reason.

JPMorgan's chief economist said that the economic growth of the country is going on at a good pace. The expert said that compared to the previous prediction, America is seeing big growth in Q3. Earlier, the experts predicted that the growth would be just 0.5 percent.

As a piece of good news, the experts now said that the real annualized GDP growth in Qs is 2.5m percent. The experts cited the growth in the quarter as the reason to contradict the growth in the economy of the country.

"Given this growth, we doubt the economy will quickly lose enough momentum to slip into a mild contraction as early as next quarter, as we had previously projected," J.P. Morgan's Michael Feroli said.