Yes, I know that this is not the formal definition of a recession, but the common definition.
We just got the last quarter's numbers, and we have just had the 2nd straight quarter of negative GDP growth.
It should be noted that the 2 straight quarters thing is not the formal definition of a recession according to economists, for what that;s worth.
The U.S. economy shrank for a second quarter in a row—a common definition of recession—as the housing market buckled under rising interest rates and high inflation took steam out of business and consumer spending.
Gross domestic product, a broad measure of the goods and services produced across the economy, fell at an inflation and seasonally adjusted annual rate of 0.9% in the second quarter, the Commerce Department said Thursday. That followed a 1.6% pace of contraction in the first three months of 2022.
The report indicated the economy met a commonly used definition of recession—two straight quarters of declining economic output.
………Analysts noted that much of the decline in the second quarter was due to a slower pace of inventory restocking.
Fasten your seat-belts it's going to be a bumpy ride,
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