U.S. banking industry during recessions - statistics & facts
Comparing banking figures from 2022 to previous recessions reveals that the drop in industry performance was less drastic than in 2007 or 2020. Despite several recession indicators, the traditional definition found that the U.S. was not in recession in 2022. Many consumers did not feel that, though, as "recession" was among the top five most searched terms on Google in the United States in 2022. While not the most popular Google search in the country, it signals that the recession was a hot a topic for many Americans. Indeed, the U.S. economy had seen better days, as reflected in the downtrend of the Weekly Economic Index (WEI). But how does the banking industry perform during recessions? Were there any indicators in the banking sector in 2022 that could potentially signal an impending recession in the industry?
