The US economy has registered better than expected growth of 2.9% during the fourth quarter (Q4) of 2022. However, influencer sentiment is still negative on the US economy, though it is seizing fear of recession for a few of them. In this context, a significant spike among Twitter influencer conversations around ‘GDP’ related to the US was noticed in the last week of January, according to the Social Media Analytics Platform of GlobalData, a leading data and analytics company.
Smitarani Tripathy, Social Media Analyst at GlobalData, comments: “The Twitter influencers, who analyzed the GDP report, opined that the US economy is losing its momentum with various underlying reasons including the drop in retail sales, industrial production, consumer spending, and the contracting housing market, and could see a drop in future GDP numbers in 2023. The prevailing higher debt to GDP ratio of the country and the recent layoffs in thousands by the US big tech companies are also playing a role of catalyst for rising fear of recession.”
Below are a few of the popular influencer opinions captured by GlobalData’s Social Media Analytics Platform:
“On the GDP report: The labor market will be the last holdout as the US economy slows. Consumption growth is already flattening out and that trend should continue in Q1. 2023 recession still looks likely”
“Impossible to avoid a recession that has already started. 4th Quarter 2022 GDP Is Much Weaker Than Headline Numbers, Recession Is Not Off”
“Almost all the growth in GDP was in inventories and net trade. That’s not favorable. And jobless claims are being depressed by the seasonals; layoff announcement data point clearly to a big increase in the spring. Also not favorable.”
“Weak underlying Q4 GDP with inventories and government spending behind 3/4 of it. Also, data published during January pushed my leading GDP indicator deeper into recession. Tread carefully in this short squeeze”
“NAB 2/3: with further falls in retail sales and industrial production in December, while business surveys continue to fall.
- The revision to Q4 GDP growth sees our 2023 forecast lift to 0.6% (from 0.2%) but we still expect the US to enter recession in 2023.”
“BOOM: The US economy’s growth beats expectations. GDP expanded at a faster-than-expected pace of 2.9% in the fourth quarter of 2022 — tempering recession fears. Jobless claims undershot expectations. There are underlying weaknesses to be found, but still…..”
