"Economist Warns of Impending US Recession Amid Rate Hikes and Softening Labor Market"

Economist Gary Shilling, known for predicting the 2008 housing crash, warns that the U.S. may be heading towards a recession despite the current economic improvements. He points to the trajectory of the labor market and historical evidence that interest rate hikes lead to recessions. The Federal Reserve's delay in considering interest rate cuts and the tightening labor market contribute to the uncertainty, leading consumers to cut back on spending and indicating potential changes in the economy.