Texans Should Prepare for Possible Recession in 2023

Larry Lease

Texas is warning residents to brace for a possible recession in 2023.Photo byFrederick Warren/UnsplashonUnsplash

According to a new forecast from the Dallas Federal Reserve Bank, Texas job growth is expected to slow down in 2023. Now economists are saying it is a good time to prepare for the potential recession, but the rising inflation and low unemployment are causing problems trying to forecast the future. SMU economist Mike Davis told Fox 4:

"This is an unusual thing, almost like a polar bear at the beach. You don't expect it," "We know the Federal Reserve is playing a critical role in the economy. They are raising interest rates with car and home loans, sooner or later that will discourage economic growth. We can hope the Fed gets it right and there is a smooth landing, but there are no guarantees."

Despite the soaring inflation, Texas continues to add jobs in 2022. According to Fox 4, the Lone Star state will add 566,000 jobs over the last year, an increase of 4.3% in 2022. The Dallas Fed claims that is declining because of a decrease in help-wanted advertising and an increase in unemployment filings, and falling oil prices.

Fox 4 says that while it's the holiday shopping season, people should still be careful with their finances and their jobs. Davis told Fox 4 that if people are being laid off at your work, make sure you are not one of those people. You still have time to look for something else, if you are hating your job. Davis also recommends waiting on making large purchases such as a new car.

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I specialize in crime, entertainment and political stories. I have spent eight years as a freelance writer and journalist.

Dallas, TX

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