Morning Brew Daily Economists Scrap Recession Forecasts & Amazon's Grocery Store Overhaul
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Aug 3, 2023 Bank of America economists are optimistic, dropping recession forecasts and suggesting a resilient economy. Amazon is shaking up its grocery stores by merging online and in-person shopping for a better customer experience. Meanwhile, the nationwide Adderall shortage is impacting ADHD patients due to production issues. The sports memorabilia market is booming, especially with women's collectibles. Lastly, NASA's communication struggles with a spacecraft parked 13 billion lightyears away add a humorous twist to the discussion on space exploration.
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Soft Landing Predictions
- Bank of America revised its recession prediction, suggesting a soft landing for the U.S. economy.
- This shift follows similar revisions by the Fed and aligns with positive CEO outlooks on consumer spending.
CEO Optimism and Spending
- CEOs across various sectors, including PNC, Wells Fargo, and Chipotle, express optimism about the economy.
- Their observations highlight sustained consumer spending and a strong labor market despite rising interest rates.
Soft Landing: A False Premise?
- The term "soft landing" has historically preceded recessions, making its current popularity potentially misleading.
- Rate hikes, like long-release medicine, may have delayed negative economic consequences.