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Current Events => Breaking News => Topic started by: Ralph Wiggum on July 28, 2022, 07:56:25 AM

Title: It's Official: The U.S. Had Entered a Recession
Post by: Ralph Wiggum 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:

Title: Re: It's Official: The U.S. Had Entered a Recession
Post by: Eupher 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:

Title: Re: It's Official: The U.S. Had Entered a Recession
Post by: Drafe Hoblin on July 28, 2022, 10:40:03 PM

True, nothing's stopping a 3rd-quarter drop.  Absolutely nothing. 

Title: Re: It's Official: The U.S. Had Entered a Recession
Post by: Eupher on July 29, 2022, 05:17:11 AM

Quote from: Drafe Hoblin on July 28, 2022, 10:40:03 PM

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

Title: Re: It's Official: The U.S. Had Entered a Recession
Post by: Old n Grumpy 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: