Chaotic stock markets, sky-high interest rates and the pain of inflation have left one question at the top of Americans’ minds: Are we in a recession?Probably not yet, but there are signs of economic weakness emerging. When that will turn into a prolonged slump, and how long that downturn might last, are important questions preoccupying people on and off Wall Street.Major banks have upgraded their forecasts to reflect the increasing possibility of an economic downturn. Analysts at Goldman Sachs put the probability of a recession over the next year at 30 percent, up from 15 percent. Economists at Bank of America predicted a 40 percent chance of a recession in 2023.Here’s a brief guide to what you should know about recessions and why some people are talking about the next one now.Simply put, a recession is when the economy stops growing and starts shrinking.So …
