What it means for consumers and New Orleans Tourism.
NEW ORLEANS — Consumers are watching their wallets as economists warn of a potential recession.
“There’s lots of uncertainty in the stock market,” said Professor Walter Lane, chairman of the Department of Economics and Finance at the University of New Orleans. “We see huge amounts of uncertainty right now because we’re in chaos in terms of our economy.”
Lane said the likelihood of a U.S. recession is increasing.
“If the president carries through with tariffs of the magnitude that he’s talking about on Europe, China, Mexico and Canada, then that could very easily drive us into a recession.”
A recession is when the economy is shrinking instead of growing and people lose their jobs. While we’re not there yet, consumer confidence has now fallen for three straight months as inflation continues to climb.
“Inflation is also very likely because of the tariffs,” Lane said. “That’s a separate thing from the …