The Curse of the Strong U.S. Economy

by Philipp Carlsson-Szlezak, Paul Swartz and Martin Reeves

October 7, 2022

Jakub and Jedrzej Krzyszkowski/Stocksy

Summary.

The U.S. economy, though clearly facing a growing risk of recession, continues to exhibit remarkable strengths, particularly in the labor market, as illustrated by continued job creation and another drop in the unemployment rate in the September 2022 jobs report.

Philipp Carlsson-Szlezak is a managing director and partner in BCG’s New York office and the firm’s global chief economist. He is a coauthor of Shocks, Crises, and False Alarms: How to Assess True Macroeconomic Risk (Harvard Business Review Press, 2024).

Paul Swartz is an executive director and senior economist in the BCG Henderson Institute, based in BCG’s New York office. He is a coauthor of Shocks, Crises, and False Alarms: How to Assess True Macroeconomic Risk (Harvard Business Review Press, 2024).

Martin Reeves writes, speaks, and advises on strategy and innovation and is a former chair of the BCG Henderson Institute. He is a coauthor, with Jack Fuller, of The Imagination Machine (Harvard Business Review Press, 2021) and a coauthor, with Bob Goodson, of Like: The Button That Changed the World (Harvard Business Review Press, April 2025).

Read more on Recessions or related topics Business and society, Government policy and regulation, Business management, Economic cycles and trends and Economics

The Curse of the Strong U.S. Economy

Summary.

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