US Economy Shrinks 0.9% In June 2022 Quarter, 2nd Straight Drop; Raises Fears Of Recession
2 years, 4 months ago

US Economy Shrinks 0.9% In June 2022 Quarter, 2nd Straight Drop; Raises Fears Of Recession

News 18  

The US economy contracted again in the second quarter amid aggressive monetary policy tightening from the Federal Reserve to combat high inflation, which could fan financial market fears that the economy was already in recession. But the National Bureau of Economic Research, the official arbiter of recessions in the United States defines a recession as “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators.” Job growth averaged 456,700 per month in the first half of the year, which is generating strong wage gains. A separate report from the Labor Department on Thursday showed initial claims for state unemployment benefits decreased 5,000 to a seasonally adjusted 256,000 for the week ended July 23. Slowing economic growth could, however, encourage the Fed to step back from hefty interest rate increases, though much would depend on the path of inflation, which is way above the U.S. central bank’s 2% target.

History of this topic

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1 year, 1 month ago
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1 year, 3 months ago
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1 year, 3 months ago
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1 year, 4 months ago
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1 year, 4 months ago
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1 year, 5 months ago
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1 year, 10 months ago
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2 years ago
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2 years ago
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2 years ago
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2 years ago

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