As a Certified Public Accountant, I often get asked “are we in a recession?” I believe the answer is simpler than the news media is trying to make it. I believe the answer is a personal situation, not a national economic one. The answer lies personally with your situation. That is, do you have a job that pays you enough to maintain your standard of living as it has been for the past few years? Do you have enough ready cash to pay your bills and buy gasoline and food? If you personally answer yes to those questions, then you are not in a recession. If you answer no to any of those questions, then yes, you personally are in a recession. None of this predicts the future, only your present.
If your answers were “yes”, then rest easy as inflation comes down and supply chains increase. If you have further questions, please give me a call.