Are We Headed Towards a Recession?

By Cass Jacoby, RCS Reporter. 

Listen to this expert economist address recession rumors and what they mean for the roofing industry in the most recent episode of Roofing Economic Outlook. 

In the Roofing Economic Outlook, Mischa Fisher, chief economist at Angi, and RCS President Heidi J. Ellsworth discuss everything roofing contractors need to know about what's happening in the economy now. In episode three, Mischa addresses recession rumors, interest rates and how to protect your bottom line. This is the show to watch if you are a contractor and/or business owner wanting expert insight into the economy and advice on how to leverage what is going on in the economy to strengthen your business. 

First things first, people keep throwing the recession word around, so what does this mean? Mischa explains that the word “recession” is being used  a lot in the conversation because the Federal Reserve is raising interest rates. “What that really practically means is they're making the cost of debt more expensive, and a lot of businesses expand on debt,” says Mischa. “It is true that the Federal Reserve has raised their interest rates and not caused a recession, but it's never happened when inflation has been as high as it is now, and whether or not it happens or not, I would encourage your listeners to take everybody's advice with a certain grain of salt, because we just don't have enough data to know.” 

Only time will tell when it comes to what exactly will happen. Mischa encourages a degree of skepticism. “It is certainly conceivable that we could see this based off of debt getting more expensive at this rapid rate,” says Mischa. “But on the other hand, we have a lot of job openings and there's a lot of home equity. And those things act as a cushion that could in fact allow us to avoid a recession. We'll have to see.” 

Watch the Roofing Economic Outlook episode to learn more about interest rates and how to protect your bottom line in the current economic climate.

Learn more about Angi in their RoofersCoffeeShop® Directory or visit pro.homeadvisor.com.