The most recent employment data indicates that the U.S. labour market is doing rather well, but Bank of America anticipates difficulty.
The total number of nonfarm payroll jobs increased by 263,000 in September, above experts' expectations of a 250,000 gain.
Additionally, it indicates that employment development in America is moving in the correct direction.
However, according to Bank of America, nonfarm payroll growth will be reduced in half in Q4 2022 and will start to decline in 2023.
The bank predicts that the U.S. would lose about 175,000 jobs every month in the first quarter of 2023.
The Bank of England predicted that a recession would start in the first part of the next year.