, the U.S. may already be in recession
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By Dave Boyer
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The Washington Times
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Updated: 8: 05 p.m. on
Friday, July 1, 2022
According to the Federal Reserve Bank of Atlanta, the U.S. may be experiencing a recession.
The Atlanta Fed’s GDPNow modeling model showed Friday that the economy shrank by 2.1% in the third quarter. This is a sharp decline from Thursday’s estimate of minus 11%.
The U.S. economy shrank at 1.6% during the first quarter. Two consecutive quarters of declining growth is considered a recession.
Weak economic data was consistent all year. This includes record-high inflation and plummeting home sales.
The central bank raised its interest rates by 1.5% in March to address high inflation. A second rate increase is expected this month.
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