( Natural News ) Unemployment in the U.S. will rise to 5.6 percent by the end of 2023, warned Bank of America (BofA). Its prediction followed Federal Reserve officials who expressed belief that the central bank’s interest rate target will approach five percent next year.
A research note from BofA’s U.S. economics team headed by chief economist Michael Gapen stated that higher interest rates will make “a harder landing” more possible. The bank had been predicting a five percent unemployment rate for 2023, so the revised prediction amounted to a 12 percent increase.
Unemployment was at 3.7 percent in August 2022, an increase of 0.2 points from July of the same year. Prior to that month, however, the unemployment rate had consistently been at 3.6 percent for four straight months beginning March until June. (Related: Initial unemployment claims remain high as recession fears affect labor market .)
“The Fed’s actions suggest to us that it is committed to reducing inflation and it appears willing to accept some deterioration in labor market conditions,” the BofA economists stated.
The bank predicts the GDP to drop to one percent in the four quarters of 2023. The bank also believes the Fed will elevate its target range for the Federal Funds rate from 4.75 to 5.0 percent.
A quick increase in unemployment like the nearly two hundred basis point hike prediction by BofA is usually considered a marker of a recession. If the bank’s prediction is correct, the U.S. will be in a Sahm rule recession sometime in 2023.
Named after economist Claudia Sahm, the Sahm rule states that a recession has started when the three-month moving average of the national unemployment rate increases by 0.50 percentage points or more compared to its low during the preceding 12 months. Battle against inflation will be painful, Fed warns
Will America-First News Outlets Make it to 2023?
Things are looking grim for conservative and populist news sites.
There’s something happening behind the scenes at several popular conservative news outlets. 2021 was bad, but 2022 is proving to be disastrous for news sites that aren’t “playing ball” with the corporate media narrative. It’s being said that advertisers are cracking down, forcing some of the biggest ad networks like Google and Yahoo to pull their inventory from conservative outlets. This has had two major effects. First, it has cooled most conservative outlets from discussing “taboo” topics like Pandemic Panic Theater, voter fraud, or The Great Reset. Second, it has isolated those ad networks that aren’t playing ball.
Certain topics are anathema for most ad networks. Speaking out against vaccines or vaccine mandates is a certain path to being demonetized. Highlighting voter fraud in the 2020 and future elections is another instant advertising death penalty. Throw in truthful stories about climate change hysteria, Critical Race Theory, and the border crisis and it’s easy to understand how difficult it is for America-First news outlets to spread the facts, share conservative opinions, and still pay the bills.
Without naming names, I have been told of several news outlets who have been forced to either consolidate with larger organizations or who have backed down on covering certain topics out of fear of being “canceled” by the ad networks. I get it. This is a business for many of us and it’s not very profitable. Those of us who do this for a living are often barely squeaking by, so loss of additional revenue can often mean being forced to make cuts. That means not being able to cover the topics properly. Its a Catch-22: Tell the truth and lose the money necessary to keep telling the truth, or avoid the truth and make enough money to survive. Those who have chosen survival simply aren’t able to spread the truth properly.
We will never avoid the truth. The Lord will provide if it is His will. Our job is simply to share the facts, spread the Gospel, and educate as many Americans as possible while exposing the forces of evil.
To those who have the means, we ask that you please donate. We have options available now, but there is no telling when those options will cancel us. We have our GivingFuel page. There have been many who have been canceled by PayPal, but for now it’s still an option. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!