2018 was a year of robust growth, based on various economic indicators. Gross domestic product (GDP) growth was strong. Corporate profits reached impressive heights, especially in the technology sector. Americans last enjoyed a prolonged period of low unemployment in the 1950s, with current unemployment reaching a level not seen since 1968.
But this level of growth may not last much longer. There are signs that we may be heading into a recession in the next 12 months. Major manufacturers are laying off workers. The on-again, off-again, maybe-on-again trade war with China is injecting uncertainty into already jittery markets. Workers are still not seeing appreciable growth in real wages.
