We are in a recession. However, most economists won’t admit it or say it’s only a technical recession. It feels like a recession because it is a recession.
U.S. gross domestic product (GDP) shrunk between April and June, according to data released Thursday by the Commerce Department. This marks the second-straight quarter of economic contraction. According to Commerce, the GDP fell at a yearly pace of 0.9 percent in the second quarter, which seems low.
Many economists expected GDP to fall for the second consecutive quarter as the economy faced more pressure from high inflation, rising interest rates, slowing job growth, falling home sales, and other headwinds.
The Hill said economists are fearful we “will slip into a recession.” Hello, we are in a recession. The publication is very dishonest in this case. They know we are in a recession.
This is worse than President Zero with his zero job growth.
The Atlanta Federal Reserve had the GDP at -1.2% yesterday and predicts a -1.6% contraction in the third quarter.
According to Standard & Poors, business capital investment in the USA is falling at a 13% annual rate; residential investment is falling at a 10% annual rate.
Fox Business admitted we are in a recession.
Principal Global Investors’ Seema Shah said it’s a technical recession, and things could look up next quarter.
Let’s hope Seema is right.
Meanwhile, the technical recession is destroying savings and retirements and hurting the poor. Americans are miserable, but it’s only technical.