Author Topic: It's Official: The U.S. Had Entered a Recession  (Read 93 times)

0 Members and 1 Guest are viewing this topic.

Offline Ralph Wiggum

  • It's unpossible that I'm a
  • Hero Member
  • *****
  • Posts: 17347
  • Reputation: +1408/-47
It's Official: The U.S. Had Entered a Recession
« on: July 28, 2022, 07:56:25 AM »
US economy shrank 0.9% in the second quarter, entering technical recession

The U.S. economy shrank in the spring for the second consecutive quarter, meeting the criteria for a so-called technical recession as raging inflation and higher interest rates forced consumers and businesses to pull back on spending.

Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.9% on an annualized basis in the three-month period from April through June, the Commerce Department said in its first reading of the data on Thursday. Refinitiv economists expected the report to show the economy had expanded by 0.5%.

Economic output already fell over the first three months of the year, with GDP tumbling 1.6%, the worst performance since the spring of 2020, when the economy was still deep in the throes of the COVID-induced recession.

Recessions are technically defined by two consecutive quarters of negative economic growth and are characterized by high unemployment, low or negative GDP growth, falling income and slowing retail sales, according to the National Bureau of Economic Research (NBER), which tracks downturns.

https://www.foxbusiness.com/economy/us-economy-shrank-second-quarter-entering-technical-recession

:ownit:
Voted hottest "chick" at CU - My hotness transcends gender


Offline Eupher

  • Hero Member
  • *****
  • Posts: 23302
  • Reputation: +2446/-1815
  • U.S. Army, Retired
Re: It's Official: The U.S. Had Entered a Recession
« Reply #1 on: July 28, 2022, 08:33:10 AM »
SharterJoe's maladministration is desperately trying to change the rules, move the goalposts, and otherwise lie to the American people and the world about this very basic and simple economic metric.

Two successive quarters of negative GDP growth. And let's not be surprised when we have a third consecutive quarter of negative GDP growth.

SharterJoe and his handlers are a pox on America.  :mad:
Adams E2 Euphonium, built in 2017
Boosey & Co. Imperial Euphonium, built in 1941
Edwards B454 bass trombone, built 2012
Bach Stradivarius 42OG tenor trombone, built 1992
Kanstul 33-T BBb tuba, built 2011
Fender Precision Bass Guitar, built ?
Mouthpiece data provided on request.

Offline Drafe Hoblin

  • Hero Member
  • *****
  • Posts: 1470
  • Reputation: +213/-10
Re: It's Official: The U.S. Had Entered a Recession
« Reply #2 on: July 28, 2022, 10:40:03 PM »
True, nothing's stopping a 3rd-quarter drop.  Absolutely nothing. 

Too deplorable to fail.

Offline Eupher

  • Hero Member
  • *****
  • Posts: 23302
  • Reputation: +2446/-1815
  • U.S. Army, Retired
Re: It's Official: The U.S. Had Entered a Recession
« Reply #3 on: July 29, 2022, 05:17:11 AM »
True, nothing's stopping a 3rd-quarter drop.  Absolutely nothing.

Well, there is an anomaly going on. Unemployment is low currently, though that could change as the recession continues.

Okun's Law holds that unemployment rises when the economy shrinks. We're not seeing that --

-- yet.

Then again, I'm not sure if Okun's Law is calculated from the REAL unemployment rate (which the BLS does not openly report), versus the standard lie U3 metric (seasonally adjusted).

https://www.investopedia.com/articles/economics/12/okuns-law.asp
Adams E2 Euphonium, built in 2017
Boosey & Co. Imperial Euphonium, built in 1941
Edwards B454 bass trombone, built 2012
Bach Stradivarius 42OG tenor trombone, built 1992
Kanstul 33-T BBb tuba, built 2011
Fender Precision Bass Guitar, built ?
Mouthpiece data provided on request.

Offline Old n Grumpy

  • Hero Member
  • *****
  • Posts: 4821
  • Reputation: +519/-12
Re: It's Official: The U.S. Had Entered a Recession
« Reply #4 on: July 29, 2022, 05:58:32 AM »
According to the administration it is not a recession, it is a transition, a transition from world power to a 3rd world shit hole. :mad: :rant: :rant: :rant: :rant: :rant:

Thank you liberals. :bird:
Biden sucks and harris swallows.

Basking in the glow of my white Privilege, while I water the Begonias with liberal tears!

I will give up my guns when the liberals give up their illegal aliens

We need a Bull Shit tax to make the Democrats go broke!