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COVID-19 BUSINESS UPDATES

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Economic uncertainty heats up this summer

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Millennials could find themselves navigating an economic downturn for the first time in their professional lives, particularly if growth remains anemic, according to James Chessen, chief economist for the American Bankers Association.

Most economists — including Chessen — aren’t forecasting a recession later this year or even next year. But they’re not expecting robust job growth or significantly higher wages anytime soon, either.

For that reason, many younger consumers who are taking on mortgage loans and car loans, as well as juggling student loan payments, need to remain financially vigilant and steer clear of taking on too much debt.

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