The Commerce Department will release the third and final estimate of Q2 GDP on Thursday, providing evidence over whether the economy is in a recession.
Wharton business school professor Jeremy Siegel analyzes the Federal Reserve’s policies, warning that the Fed’s actions will make a"deep recession" inevitable.actually slide into a recession in the first half of the year? New data that will be released by the government on Thursday morning could shed light on the pivotal question.
GDP, the broadest measure of goods and services produced in the nation, officially shrank at a 1.6% annualized pace in the three-month period from January to March and declined a 0.6% pace between April and June, meeting the criteria for a so-called technical recession. Contractors stand on the roof of a house under construction at the Norton Commons subdivision in Louisville, Kentucky, on July 1, 2022., which requires a "significant decline in economic activity that is spread across the economy and that lasts more than a few months." Still, the NBER — the semi-official arbiter — weighs multiple factors when calling a recession and typically takes up to a year before announcing the decision.
"Thus, real GDP could decline by relatively small amounts in two consecutive quarters without warranting the determination that a peak had occurred," the nonprofit said on its website.Jerome Powell, chairman of the U.S. Federal Reserve, arrives at a news conference in Washington on Sept 21, 2022.
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