Concerns that the U.S. economy could be heading into a recession intensified after official figures released July 28 showed that the U.S. economy shrank for the second straight quarter, just days after the International Monetary Fund (IMF) forecast a global recession. Pierre-Olivier Gourinchas, the Economic Counsellor and the Director of Research of the IMF, cites the pandemic and ongoing war in Ukraine as the main reasons for the “increasingly gloomy and uncertain outlook,” of the global economy. While a recession has traditionally been defined as two back-to-back quarters of declining gross domestic product (GDP), there has been some discussion about whether the current economy can be classified the same way due to some of the abnormal factors at play, including a robust labor market. [time-brightcove not-tgx=”true”] Treasury Secretary Janet Yellen indicated that the economy was only “in a period of transition” during a White House press briefing on July 24.
What A Recession Actually Is—and How To Know If The U.s Is Entering One
Solcyre Burga, Time: Business
Thu, 07/28/2022 - 2:16pm
Topics: international monetary fund imf pierre-olivier gourinchas economic counsellor imf ukraine treasury secretary janet yellen white house here&rsquo claudia states&rsquo national bureau economic research nber recession isn&rsquo inevitable ldquo;it s nber&rsquo business cycle dating committee charles radin nber director public information the u.s march april reuters the nber united states department previous america&rsquo monetary npr the federal reserve james w dean emeritus school planning public policy rutgers united states china u.s bureau aaa surprising thing that could help ease inflation retailers target walmart financial times initiative global markets experts bloomberg meta&mdash u.s.&mdash netflix bear market means consumers investors u.s economy great middle class mad u.s july imf monetary director research ldquo;i twitter federal reserve sahm time united read world war ii united states labor june covid-19 hughes inflation economy months jobs people rates growth companies job period high caused experienced interest bad increased pandemic declining quarters predict lot definition economists lose year production investment ldquo;we unemployed agree gdp official workers forecast prepare creating play quarter strong generally factors percentage americans two-thirds losing unemployment announced avoid crisis economist savings struggled spending countries short believes don’t million income ldquo;there difficult
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