It isn't a recession until this group of economists says so kitconews gold silver investing metals mining finance economics
As you no doubt heard, U.S. real gross domestic product shrank for the second consecutive quarter, falling 0.2% in the June period after a decline of 0.4% three months earlier.But according to the committee that's responsible for making the official call on what constitutes a recession, it's more complicated than that.
On the other hand, business activity appears to be slowing. The preliminary reading of the overall U.S. business market shows that conditions deteriorated in July. The Flash U.S. PMI Composite Output Index, which combines the services and manufacturing industries, came in at 47.5, the first contraction since June 2020. The only part of the economy that reported modest expansion in July was manufacturing, which recorded a 52.2, virtually in line with expectations.So again, has the U.S.
As you may know, there's a lot of controversy and disagreement right now surrounding the exact characteristics of a recession, just as there has been in the past. A member of the Reagan administration, for instance, tried to lobby the head of the NBER to roll the 1981-1982 recession into the 1980 recession, which occurred before President Ronald Reagan took office, so that it could be blamed on his predecessor.
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