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"A 'technical recession' is defined as two consecutive quarters of negative GDP growth," the firm's economists led by Michael Gapan said in a new report out Friday morning.
The Biden administration is ramping up messaging that two quarters of negative growth do not mean a recession, bracing Americans for a likely tough economic report on Thursday. Economists say new ...
The real gross domestic product (GDP) decreased at an annual rate of 0.6% in the second quarter of 2022, according to the second -- or revised -- estimate released by the Bureau of Economic ...
The U.S. economy appeared to shrink for the second consecutive quarter, according to federal data released Thursday, amid growing concern the U.S. could be slipping into a recession. U.S. gross ...
In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP had fallen 5.1% by the second quarter of 2009) and the unemployment rate reached 24.9% (the highest since was the 10.8% rate reached during the 1981–1982 recession).
A recession is a period of two quarters of negative GDP growth. The countries listed are those that officially announced that they were in recession. It is worth noting that some developed countries such as South Korea and Australia did not enter recession (indeed Australia contracted for the last quarter of 2008 only to grow 1% for the first half of 2009).
[18] [19] [20] The Bureau of Economic Analysis, an independent federal agency that provides official macroeconomic and industry statistics, [21] says "the often-cited identification of a recession with two consecutive quarters of negative GDP growth is not an official designation" and that instead, "The designation of a recession is the ...
At the moment, it said, inflation is weighing heavily on real consumer spending, which has climbed just 2.4 percent year-on-year over the past three quarters. Despite this, the GDP data show ...