The Federal Reserve recently raised interest rates again to a 15-year high and announced plans to keep lifting rates throughout 2023. The Fed has raised rates at the fastest pace since the 1980s, in an effort to cool the economy and bring down inflation. These rapid interest rate increases have jolted the economy, which is widely expected to lead to an economic recession in 2023.
The economy has already showed signs of slowing, with inflation rising at a 7.1% rate in November 2022 from a year earlier, down from a peak of 9.1% in June 2022. Retail spending has already weakened as budget conscious consumers are pulling back. As a result, many practices (especially orthodontists) experienced a slowdown in the fourth quarter of 2022.
How Will The Recession Affect Dentistry?
The U.S. economy has endured 13 recessions since World War II. One of the worst was the Great Recession, which occurred from December 2007 through June 2009, with real GDP contracting by about 4.2% during that time. How did the dental profession hold up?
Bill Rossi, a practice management expert with Advanced Practice Management* created a “Dental Dow” in 2000, representing a collection of
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