The U.S. The economy Reported a second straight quarter in Q2
U.S Economy in Recession: The U.S. The economy posted a second straight quarter in Q2, according to new GDP data, fueling recessionary chatter around Wall Street. In the second quarter of the U.S. Gross domestic product shrank 0.9%, following a 1.6% decline in Q1. Although two consecutive quarters of negative growth is not the official definition of a recession, economists and strategists are divided on whether or not we are in a true recession.
Which is fair enough. It is almost impossible to call a recession in real-time when the economic cycle has not been shaken by years of external shocks. But this time? Suffice it to say that the global pandemic and the Russian invasion of Ukraine conspired to create largely unprecedented macroeconomic conditions. U.S Economy in Recession.
In fact, the economy these days is just weird. See how this is producing all kinds of contradictory data. The labor market, in particular, certainly doesn’t look recessionary. The economy has created 2.7 million jobs in the first half of 2022. A very low unemployment rate of 3.6% does not equate to an economic downturn. And then there’s consumer spending, which has remained surprisingly robust. U.S Economy in Recession.
It is also important to note that Thursday’s GDP report is only a preliminary estimate. The data is refined twice to get the final reading. And finally, let’s not forget that the official arbiter of the recession is the National Bureau of Economic Research. Two consecutive quarters of economic contraction may look, sound, and smell like a recession, but as far as the NBER says, we’re not in a recession. With economic conditions perhaps more confusing than ever, this seems like an especially good time to check in with a range of economists and technologists.
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