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The new figures from the Bureau of Economic Analysis come at a tumultuous time for the economy, due to surging inflation, though economists disagree on the likelihood of a full-fledged slump.
THE BIDEN RECESSION. This morning the Commerce Department announced the economy shrank by 0.9% in the second quarter of 2022. That comes after the announcement last April that the economy contracted by 1.6% in the first quarter of this year. Now, the United States has had two consecutive quarters of negative economic growth, which is the popularly accepted definition of a recession. So it's official: The U.S. is in a recession.
Ahead of a big announcement about second-quarter economic growth, there’s lots of argument about what constitutes a recession.
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.
The notion of what exactly defines a recession is the latest economic fault line as the new GDP numbers approach.