Welcome to Recession, America, Thank Joe

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The Federal Reserve’s key real-time model for tracking U.S. economic activity has turned negative, signaling that the nation could already have entered a recession.

The GDPNow gauge, a widely watched measurement from the Atlanta Federal Reserve Bank, indicated Thursday that real gross domestic product shrank by 1.0% in the second quarter from April through June.

While the official advance estimate of Q2 performance will not be released for another month, this preliminary reading shows the second quarter in a row of negative growth in the economy after GDP contracted 1.6% in Q1.

A recession is marked by two consecutive quarters of negative growth.

The National Bureau of Economic Research (NBER) will make the official determination in a month, but, hey, no mean tweets.

“If the U.S. economy is already in a recession with historically low unemployment, imagine how much worse this recession will become once employers react to the recession with mass layoffs. Plus, as unemployment surges, consumer prices, rents, and interest rates will keep rising,” Peter Schiff tweeted.

We’ve likely been in a recession.


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The Prisoner
The Prisoner
1 month ago

The definition of recession is not useful. Our economy is badly faltering, has been for a year. Government figures are junk. For these powers to be mentioning recession shows how bad it already is. They lag behind reality to sugar coat the situation which they caused.

The term recession is abused. They want people to think this thing called recession came and took our economy down, in other words, it is not our fault. The authorities are supposed to serve us and tell us the truth, such as, we spend for too much into debt, we print too much money, we over regulate, we deliberately hamper production, we are not educating our people, …

GuvGeek
GuvGeek
1 month ago

No one needs the FED to tell us that we are in Recession. Soon there will be gas lines, bank runs, and Bare Store Shelves. We won’t need the FED to tell us it’s a Depression.

The Prisoner
The Prisoner
1 month ago
Reply to  GuvGeek

The fed telling us we are in recession is like the NIH/CDC telling us we have a pandemic. They are reporting what they caused. They create panic for their own self serving purposes.