The U.S. Commerce Department released its first estimate for second-quarter gross domestic product (GDP) today, saying the U.S. economy contracted 0.9%, following previously reporting a 1.6% contraction of GDP in Q1.
The U.S. Commerce Department released its first estimate for second-quarter gross domestic product (GDP) today, saying the U.S. economy contracted 0.9%, following previously reporting a 1.6% contraction of GDP in Q1.
The economy contracted for 2 consecutive quarters. Put the US into a “technical” recession, meeting the definition of a recession.
Previously, analysts from different bureaus had different forecasts for GDP numbers. JPMorgan expects the US economy to grow 1.4% in the second quarter, while Goldman Zact expects growth of 1%, but Moody’s Analytics expects the economy to contract 1%.
The Federal Reserve Bank of Atlanta said its latest GDPNow forecast model shows that The US economy contracted 1.2% in the second quarter.
However, at a press conference following the Fed’s monetary policy meeting yesterday, Fed Chairman Jerome Powell insisted he did not think the US economy was entering a recession. Because many sectors in the economy are still strong. This includes the labor market.
In the past, the US National Bureau of Economic Research (NBER) has been the deciding body on the growth or recession of the US economy. It will consider many factors, including employment, consumption, industrial production. and personal income Before making an official announcement
The US Bureau of Economic Analysis said the US economy contracted for the second straight quarter. From April to June, the economy is in recession.
U.S. gross domestic product fell 0.9 percent following falling 1.6 percent in the first quarter.
