http://twitchy.com/gregp-3534/2022/07/28/bidens-recession-gdp-shrank-0-9-in-2nd-quarter/
It’s official.
The U.S. economy shrank at 0.9% last quarter, the “2nd straight quarterly contraction”:
Seung Min Kim (@seungminkim) ~ WASHINGTON (AP) — US economy shrank at a 0.9% rate from April through June, 2nd straight quarterly contraction.
And this means we’re in a recession:
Buck Sexton (@BuckSexton) ~ We have a .9% GDP decline in Q2. The Biden Recession is official
Of course, this figure was lower (i.e., worse) than expected:
zerohedge (@zerohedge) ~ WE HAVE RECESSION:,Q2 GDP -0.9%, EXPECTED 0.4%
And look at this spin! It’s now a “strong recession signal”:
CNBC Now (@CNBCnow) ~ BREAKING: GDP fell 0.9% in the second quarter, the second straight decline and a strong recession signal
http://www.cnbc.com/2022/07/28/gdp-q2-.html
Well, whatever they want to call it, “this economy is weakening much faster than people expected”:
Ross Kaminsky (@Rossputin) ~ @elerianm on @CNBC: "whether we're in a recession or not is less interesting than the fact that this economy is weakening much faster than people expected."
The New York Times (@nytimes) ~ Breaking News: The U.S. economy shrank in the second quarter, raising fears that the country could be close to a recession — or perhaps that one has begun.
http://www.nytimes.com/live/2022/07/28/business/gdp-inflation-news?smtyp=cur&;smid=tw-nytimes#gdp-q2-economy
“Perhaps,” you say?
Guys, there’s a reason we use the two quarters benchmark:
The Wokest Numbersmuncher (@NumbersMuncher) ~Second quarter GDP comes in at negative 0.9% - well under expectations of positive growth.
That's two straight quarters of contraction which has been a recession the last ten times it happened and typically the way recessions have been perceived.
The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. ~ D.H. Lawrence
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