Joe Biden's 'slight' recession would mean economic pain for millions

Joe Biden conceded the risk of a “very slight” recession, but even a mild downturn would be painful for American households and politically perilous for the president.

Economic contractions -- even modest ones -- traditionally lead to markedly higher unemployment as companies slash their payrolls by millions of workers in response to lower demand. That would undercut Biden, who has touted job growth to argue the economy is on strong footing despite decades-high inflation.

A US recession “is a break,” said JPMorgan Chase & Co. chief economist Bruce Kasman. “It is a move up in the unemployment rate of 2% or