It’s official.
The U.S. economy shrank at 0.9% last quarter, the “2nd straight quarterly contraction”:
WASHINGTON (AP) — US economy shrank at a 0.9% rate from April through June, 2nd straight quarterly contraction.
— Seung Min Kim (@seungminkim) July 28, 2022
And this means we’re in a recession:
We have a .9% GDP decline in Q2
The Biden Recession is official
— Buck Sexton (@BuckSexton) July 28, 2022
Of course, this figure was lower than expected:
WE HAVE RECESSION:
Q2 GDP -0.9%, EXP 0.4%— zerohedge (@zerohedge) July 28, 2022
And look at this spin! It’s now a “strong recession signal”:
BREAKING: GDP fell 0.9% in the second quarter, the second straight decline and a strong recession signal https://t.co/bQT3XG1JMB
— CNBC Now (@CNBCnow) July 28, 2022
Well, whatever they want to call it, “this economy is weakening much faster than people expected”:
.@elerianm on @CNBC: "whether we're in a recession or not is less interesting than the fact that this economy is weakening much faster than people expected."
— Ross Kaminsky (@Rossputin) July 28, 2022
“Perhaps,” you say?
Breaking News: The U.S. economy shrank in the second quarter, raising fears that the country could be close to a recession — or perhaps that one has begun.https://t.co/Q5rcWnmkSK
— The New York Times (@nytimes) July 28, 2022
Guys, there’s a reason we use the two quarters benchmark:
Second quarter GDP comes in at negative 0.9% – well under expectations of positive growth.
That's two straight quarters of contraction which has been a recession the last ten times it happened and typically the way recessions have been perceived.
— The Wokest Numbersmuncher (@NumbersMuncher) July 28, 2022
***
Related:
CASE CLOSED: CNN’s John Harwood confirms a ‘recession = economy shrinks for two quarters’
Dems propose raising taxes and spending a day before the country is officially in a recession
Join the conversation as a VIP Member