This article from the Daily Camera predicts a “recession” for Colorado next year. It mostly focuses on job projections, but cites retail sales predictions at the end. Experts disagree a bit on how much jobs will grow next year, anywhere between 1.4% and 1.9%. Tucker Hart Adams, an economist of U.S. Bank projected the lower figure, whereas C.U. economist Richard Wobbekind projected the higher one.
The most significant projected decline is in retail sales. They grew 7.8% in 2005. They’re projected to grow by 2.1% next year. Economists appear to agree that the slowdown will be due to consumers who they predict will buy less, due to higher prices and interest rates, and the need to lower debt.
My definition of a recession is an economic climate where there’s negative economic growth. While there are predictions of slow growth, they’re not negative, though projections can be off. So perhaps the margin of error could take it into negative territory.
