JACKSON, Miss. (WJTV) – Recession fears are front and center, and markets around the world fell on Monday after a rough week for the U.S. economy.

A disappointing jobs report was released on Friday, and there has been inaction on interest rates from the Federal Reserve.

“Markets have taken that as concern that the U.S. economy might be weaker than was previously thought, and the U.S. economy has generally been among the strongest of all the industrialized nations around the world. So, that has kind of put a little bit of a panic in markets,” said State Economist Corey Miller.

July’s job report showed employers adding 114,000 jobs, which is a decline compared to June’s 179,000 added jobs. Combined with no action on interest rates, domestic and global markets have been in a free fall.

Miller said your 401K might take a hit, but he’s not convinced that a recession is imminent.

“Probably not a good idea to look at your 401K for a little while with everything going on. There’s a saying that the Fed acts and the markets overreacts. I think we’ve seen a little bit of that in the past few days,” he said.

According to Miller, Mississippi is showing positive signs.

“The Mississippi labor market has looked pretty good. Our initial unemployment claim numbers are still very low, historically. We’re not seeing widespread layoffs or anything like that. Wage growth has slowed a little bit, but it’s still solid, I would say. So, yeah, for the for the short term, I don’t think anybody should really be panicking, but just kind of keep an eye on the way things are moving,” he said.

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