Townhall - Tipsheet - Katie Pavlich
Biden Crashes America Into a Recession
Katie Pavlich | @KatiePavlich | Posted: Jul 01, 2022 12:00 PM
The United States economy officially hit two quarters of negative GDP growth yesterday, marking the start of a new recession at the beginning of Q3.
"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is -1.0 percent on June 30, down from 0.3 percent on June 27. After recent releases from the US Bureau of Economic Analysis and the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth decreased from 2.7 percent and -8.1 percent, respectively, to 1.7 percent and -13.2 percent, respectively, while the nowcast of the contribution of the change in real net exports to second-quarter GDP growth increased from -0.11 percentage points to 0.35 percentage points," the Federal Reserve Bank of Atlanta says.
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READ MORE: https://townhall.com/tipsheet/katiepavlich/2022/07/01/the-biden-economy-officially-crashes-into-a-recession-n2609654
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