PGIM Investments: Recession risks tempered by still solid growth data

The global growth outlook for the balance of 2023 appears tenuous. In the US, the strong labour market helped the economy weather the regional banking and debt ceiling dramas, and recent economic strength supports the view that the US could avoid recession. Meanwhile, Europe must contend with rising interest costs, which are already weighing on Eurozone consumers, while weaker demand from China is a negative for manufacturing.

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