The Recession, Second Half of 2023, Kind of Less Severe Than the Typical Recession

In terms of job losses, I could see a million or two million lost jobs. That's still a lot of people losing work, but it's not the typical recession. So there are some reasons why this wouldn't last a particularly long time. And then the depth, I don't see it as being particularly deep either. But we'll be right on the edge of what they might consider a recession.