According to Atlanta Fed estimates

According to Atlanta Fed estimates

, the U.S. may already be in recession

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In this photo provided by the New York Stock Exchange, trader Michael Capolino works on the floor, Tuesday, May 31, 2022. U.S. stocks are slipping in midday trading on Tuesday, as Wall Street nears the end of a tumultuous month, bruised by worries about a possible recession, inflation and rising interest rates. (Courtney Crow/New York Stock Exchange via AP)

In this photo provided by the New York Stock Exchange, trader Michael Capolino works on the floor, Tuesday, May 31, 2022. U.S. stocks slip in midday trading Tuesday as Wall Street closes out a turbulent month.

By Dave Boyer

The Washington Times

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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