NEW HAVEN, Conn. (WTNH) – It was another brutal day on Wall Street as the Dow Jones Industrial Average fell below 30,000 for the first time since January of last year. This as inflation is at a 40-year high. And people are wondering if we the United States is headed for another recession?

Yesterday, to temper record inflation, the FED raised interest rates by three-quarters of a percentage point. As economists attempt to answer the question about a recession, they’ll look at several indicators, including consumer spending.

Right now, people are spending at a healthy pace. Unemployment is another indicator. Currently, it remains historically low. Mohammad Elahee is a Professor of International Business at Quinnipiac University.

“When China is operating at it’s full capacity. When there is a resolution to Russia-Ukraine war, and I think both will happen in the 3rd quarter, that’ll be good for the global economy. That will restore consumer confidence. I think our economy, after hitting some road bumps in the short run, it will again start sailing smoothly.”

“Not all recessions are the same” Matthew Carbray of Ridgeline Financial.

Carbray recommended having a plan in case of a recession and to constantly evaluate and reevaluate that plan. For those entering retirement, he recommended finding an extra source of income.