U.S. economy shrinks again, indicating the US could be headed toward recession
The US economy shrunk .9% from April through June, according to federal projections released Thursday, marking the second consecutive quarter the US economy failed to grow.
“While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” the White House said. “Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data—including the labor market, consumer and business spending, industrial production, and incomes.
"Coming off of last year’s historic economic growth – and regaining all the private sector jobs lost during the pandemic crisis – it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation," Biden said."But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure.
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