2 of the world’s biggest economies have slumped into recession
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The United Kingdom and Japan have both entered into recession, while the United States continues to defy expectations. The UK economy weakened in the final three months of 2023, marking the second consecutive quarter of recession. In contrast, the US economy experienced a sixth straight quarter of growth in the fourth quarter of 2023. US households have continued to spend at a solid rate, supported by government stimulus and pay raises. The US job market remains strong, with fewer workers filing for unemployment benefits. While risks still exist, the US outlook appears better than other major economies. The US stock market has performed well, and the International Monetary Fund cited the resilience of the US economy as a major reason for upgrading its global growth forecast. Unique characteristics of the US economy, such as significant government aid and a surge in immigration, have helped shelter it from recessionary storms. In contrast, the UK has struggled with rising mortgage rates and a population decline, while Europe faces weak consumer sentiment. China's economy is under pressure due to a sluggish recovery and troubles in the property sector. The US economy is forecasted to cool this year as interest rate hikes take effect. Retail sales in the US slumped in January, and some pillars of support for consumer spending, such as student loan repayments and credit card balances, are weakening. Inflation remains a top concern for US consumers. Low-income consumers are particularly pressured. Overall, the US economy faces challenges but continues to perform better than other major economies.

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https://fortune.com/2024/02/16/japan-united-kingdom-recession/