Many states are reopening their economies at last, but it’s unclear exactly how fast Americans will get back to spending. Stocks have largely recovered but it’s less clear what happen next with tens of millions filing for unemployment and the risk of evictions ahead of us.
The Atlanta Federal Reserve and its “nowcast” data show an economic decline in the second quarter of nearly 54%, down from a relatively easygoing negative 5% reading in the first quarter. That’s a huge decline in a very short period of time.
During a recession, or even a slowing economy, it is best to keep an eye on your spending habits and avoid taking undue financial risks. If the looming recession risk and uncertain markets are making you worry, here are some steps you can take to protect your financial interest.