Hello and welcome. It is Eric Eriksson here. The Eric Erikson Show across the nation. The phone number is

87737-9-373-7-4-25 if you wish to be on the program. We got to get back to and talk about the economy.

This is Matt Egan. is on CNN this was another brutal

week for the American economy stocks are down inflation and borrowing costs are up

and all this is causing real economic anxiety for families the goodness is that the

jobs market is still pretty strong historically lowically low, unemployment, layoffs are

relatively uncommon, though they are picking up a bit. The bad news is even the White House concedes

that the jobs market needs to slow down to get inflation under control. Inflation is so high

that the Federal Reserve is resorting to the most aggressive interest rate hike since 1994. The goal is to slow the economy just enough that prices chill out, but not so much

that it causes a recession.

And that's not going to be easy.

In the meantime, borrowing costs are surging, especially in the housing market.

Mortgage rates are spiking at the fastest pace since 1987. The average 30-year fixed-rate mortgage is now 5.8%.

That's almost twice as high as a year ago.

And this will price some people out of the housing market.

The higher mortgage rates go, the less home you can afford.

Business leaders and investors are getting nervous. A new

survey from the conference board found that 60% of global CEOs and executives expect

a recession by the end of next year. And 15% say we're already in a recession. We will

find out if we're in a recession with growth numbers a recession has a very particular

definition a recession's definition is two quarters two consecutive quarters of negative

economic growth and last quarter i believe we did show decline uh so if we're showing decline

...