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Opinion
Mark Gilbert

The Global Economic Outlook Is as Clear as Mud

Inflation to the left of us, recession to the right … Also, Russia’s rising ruble and a US monkeypox emergency.

Muddy.

Muddy.

Photographer: JEFF KOWALSKY/AFP

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The debate about whether the world’s largest economy is in a recession, or headed for a recession, or sufficiently robust to avoid a recession, just got even more complicated. Friday’s US employment report showed total payrolls at a record high, with companies adding twice as many workers as economists forecast. “Job gains in July were a monster,” notes Jason Schenker of Prestige Economics.