Shreveport professor speaks on possibility of a recession
SHREVEPORT, La. (KSLA) - There’s one question many people have been asking as inflation continues to drive up prices: will there be another recession?
LSU Shreveport professor Dr. Gary Joiner says a recession could be underway, with the leading causes being the pandemic and the Russian invasion of Ukraine.
The Federal Reserve saw an interest hike of .75 percent last week, which is the largest they’ve seen in three decades.
“Many things can occur, but you don’t usually see all of them at the same time. But when you see higher prices, it means that a lot of businesses will reduce their workforce to save money, so people start losing jobs,” said Joiner.
The Great Recession happened back in December 2007 and lasted until 2009. According to the U.S. Bureau of Labor and Statistics, in 2009 more than 15 million people were unemployed.
Timothy Huck owns several businesses in Shreveport, including the Sand Bar. He said he’s preparing just in case.
“The start that I’ve done is I’ve lowered all the fix expenses that I can. Anything that I don’t have to spend, I’m not spending. At present, if three employees can do the job, I don’t have four employees working,” he said.
Joiner says although it seems like a scary thing, the most important thing to do right now is pay attention to trends in the market.
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