Posted on 08/25/2022 6:19:10 AM PDT by Oldeconomybuyer
The U.S. economy shrank at slightly slower pace in the second quarter than previously reported, but continued to meet the criteria for a so-called technical recession as raging inflation and higher interest rates weighed on spending.
Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.6% on an annualized basis in the second quarter, the Commerce Department said in its second reading of the data on Thursday. That is below the initially reported 0.9% decline.
GDP already contracted by 1.6% in the period from January to March, the worst performance since the spring of 2020, when the economy was deep in the throes of the COVID-induced recession.
Recessions are technically defined by two consecutive quarters of negative economic growth and are characterized by high unemployment, low or negative GDP growth, falling income and slowing retail sales, according to the National Bureau of Economic Research (NBER), which tracks downturns.
(Excerpt) Read more at foxbusiness.com ...
For Republican Administrations, substitute with "devastating".
But but but ... Biden says the economy is great ... what to believe ... what to believe
The Communist Party (formerly the DemocRATS) destroys everything.
Democrats will report it as, GDP rose at .3%, therefore ending the recession that never was.
Calling it a "technical" recession is a mealy mouthed way the Left has chosen to mangle the historical definition of recession so as to obfuscate the damage their programs are doing to our economy.
Pretty much. It’s like tracking the term “unexpected” in economic news.
There is no recession!
There is no inflation!
Biden said so himself!...........................So, there!...............🤢
Looks like Deep State has finally given up on trying to rehabilitate the last, best enemedia asset it burned on election night...
Under Republicans it’s The Great Recession!
Is a technical recession the same thing as a recession?
“so-called technical recession”
That’s code for “recession while a Democrat is President.”
“technical recession“
Even FBC tries to help Joseph Stolen
It turns out everybody didn’t really want inflation and housing prices to stop shooting upward, how about that.
It’s just a technical recession. It’s probably transient too. At least that’s what the media puppets are telling me to think.
Yeah, it's all the virus' fault. /s
Bias much, Fox?
smh
Wrong. Under Republicans it's always the worst economy in 50 years.
A recession is defined as two consecutive quarters of negative growth. We are, by that definition, in a recession.
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