US economy shrinks again, but Biden administration says no recession
Headline from 12News Now Beaumont
The report comes at a critical time, just as the Fed has increased interest rates again by a massive 0.75%.
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Treasury Secretary Janet Yellen argued that two back-to-back declines in economic growth do not mean the economy is in a recession, even though that is the unofficial sign.
WASHINGTON (Reuters) — The U.S. economy contracted again in the second quarter amid aggressive monetary policy tightening from the Federal Reserve to combat high inflation, which could fan financial market fears that the economy was already in recession.
While the U.S. economy contracted for the second straight quarter according to preliminary estimates, President Joe Biden released a statement Thursday morning that did not include the word "recession."
The White House is emphasizing that the U.S. has not yet entered a recession, but Thursday's GDP report was a troubling sign for the Biden administration.
U.S. Gross Domestic Product declined .9 percent in the second quarter of 2022 according to the Bureau of Economic Analysis. Thursday's report makes for the second consecutive quarter of negative
(The Center Square) – The U.S. economy has shrunk for six consecutive months, according to federal data released Thursday. which led many economists to declare a recession. But the Biden
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US economy shrinks again, but Biden administration says no recession | Since Then
