Charlottesville, VA (CVILLE RIGHT NOW) – Economists are raising concerns about potential economic instability, yet a recession remains unlikely, according to CBS business analyst Jill Schlesinger. “We’re not in a recession right now,” Schlesinger reassures listeners, highlighting that recent data, including disappointing consumer confidence indices, has sparked fears of an economic slowdown. The University of Michigan’s sentiment index and the Conference Board’s findings show a decline in consumer confidence, with many expecting inflation to rise in the future, which could impact spending. Schlesinger notes, “We’re seeing companies like Dollar General and Walmart and Costco saying we’re seeing some pullbacks in department stores are saying it, airlines are saying it… economists are a bit on edge themselves.”  

While economists remain cautious, Schlesinger advises consumers to focus on managing personal finances rather than reacting to market fluctuations. “It’s a bad idea, because you’re not going to get it right,” Schlesinger warns. She encourages individuals to assess their financial preparedness, including ensuring they have enough savings to cover potential job loss or large purchases. Schlesinger also advises against daily checks of retirement accounts, noting it’s a way to drive yourself crazy.  

The stock market is experiencing fluctuations, including a recent 10% drop in the S&P 500, but market corrections are common and typically short-lived. Since 2010, the S&P 500 has only had two down years, which offers reassurance to those concerned about market volatility. Historically, corrections do not signal long-term economic downturns, and remaining calm during these periods can lead to better financial outcomes in the future. 

Listen to the full conversation here: