Rising prices and lower consumer spending will lead the American economy into recession, Fitch says Spiraling inflation and aggressive rate hikes by the Federal Reserve will drive the US economy into a 1990-style recession in spring, Fitch Ratings warned on Tuesday. The agency has downgraded its growth forecast for this year and for 2023, with the US GDP now expected to grow by 0.5% next year, down from the 1.5% growth predicted in June. According to Fitch, the economic slowdown will push the unemployment rate in the country from the current 3.5% to 5.2% in 2024 and entail a loss of millions of jobs. The report sa
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