It's looking more likely that any recession next year will be shallow and manageable

Even if a recession does come next year, it probably won't strain Americans' wallets as much as anticipated.

The latest inflation data on Thursday brought some good news for the economy — the Consumer Price Index, which measures inflation, rose 7.7% year-over-year in October. That's a slowdown from the year-over-year increase of 8.2% in September, and below the 8.0% increase economists surveyed by Bloomberg expected to see.

And core CPI, which excludes volatile food and energy prices, saw a year-over-year increase of 6.3% in October, below September's year-over-year increase of...