U.S. officially in recession after two consecutive quarters of negative GDP growth

The U.S. economy shrank for the second consecutive quarter, with the country’s gross domestic product (GDP) falling 0.9 percent in the second quarter.

One of the primary agencies in the U.S. federal statistical system, the Bureau of Economic Analysis (BEA), released the latest gross domestic product (GDP) data from the Commerce Department. The report indicates that the GDP data shows a 0.9 percent annualized decline in economic growth during the second quarter.

Real gross domestic product (GDP) declined at an annual rate of 0.9 percent in the second quarter of 2022“, the BEA report explains. “The price index for gross domestic purchases rose 8.2 percent in the second quarter, compared with an 8.0 percent increase in the first quarter.

The White House, says that a 2% decline in GDP is “not a good thing.not the definition“of a recession

A week before the BEA released the GDP data, the Biden administration published two articles that claim that two consecutive declines in GDP do not constitute a recession. This sparked a debate on social networks, while many analysts, economists, websites that claim the opposite. Thursday’s BEA report further fueled the debate, as many people insisted that the U.S. economy is most certainly in recession.

The BEA GDP report follows the Federal Reserve raising the federal funds rate by 75 basis points (bps) for the second consecutive time this week. “Fed works quickly to bring down inflation“, Fed President Jerome Powell said Wednesday.

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