Is Recession Staring Us Down? Already Upon Us? Here’s Why It’s Hard to Say.
The U.S. may register a second straight quarter of economic contraction, one benchmark of a recession. But that won’t be the last word.
Economic output, as measured by gross domestic product, fell in the first quarter of the year. Government data due this week may show that it fell in the second quarter as well. Such a two-quarter decline would meet a common, though unofficial, definition of a recession.
Most economists still don’t think the United States meets the formal definition, which is based on a broader set of indicators, including measures of income, spending and job growth. But they aren’t quite as sure as they were a few weeks ago. The housing market has slowed sharply, income and spending are struggling to keep pace with inflation, and a closely watched measure of layoffs has begun to creep up.
MSNBC - Explains the impact of the second quarter and what to expect?
The U.S. could be headed toward a recession, according to economists and latest GDP figures. But this recession might be different from past ones because of one main indicator: unemployment, to be continued...
By Sunny Wadhwani
Aug 18th 2022.
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