U.S. economic growth was negative for the second quarter in a row. Is a recession occurring?
In the past three months, the US economy fell by 0.9%.
For the second consecutive quarter, the economy has shrunk. Gross domestic output, or GDP, fell in the first quarter at an annual rate of 1.6 percent.
Although it isn't a formal definition, two consecutive quarters of negative growth are frequently regarded as a recession. When the American economy is experiencing a recession, it is determined by the National Bureau of Economic Research, a nonprofit, nonpartisan institution. That choice is made by an eight-member NBER committee, and it is based on a variety of variables.
The White House has resisted calls to label the present economic situation as a recession. It is undoubtedly aware of the impact the economy will have on the midterm elections.
Indicators of an improving economy stated by President Biden include record employment growth and international corporate investment. That, according to me, does not sound like a recession, Biden said.
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