, Columnist
Misery Has Company, But Recession Is a No-Show
Latest data tell a yearlong story of gradualism, not drama. For something more clear-cut, try China.
Pedestrians in Midtown Manhattan as a year of economic nuance draws to a close.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
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The US economy is slowing down, ever so gradually. Unemployment is rising, but not very fast, and far more slowly than virtually everyone had anticipated. What’s happened to date is fully consistent with an eventual recession, but would also be in line with a milder outcome (which we're obliged these days to call a “soft landing”).