US gross domestic product (GDP) fell 0.9% in the second quarter, the Bureau of Economic Analysis reports. The slide in real (inflation adjusted) output, calculated at an annual rate, follows a 1.6% decline in Q1. The back-to-back decreases immediately triggered calls that the US is in recession. But there’s also pushback from some analysts, advising that there’s room for debate. The militant wing of recessionistas quickly cried foul, and in the blink of an eye both sides are attacking the other as delusional.
Daily Archives: July 29, 2022
Macro Briefing: 29 July 2022
* China President Xi warns Biden on interference with Taiwan
* Biden and China President Xi, after call, plan to meet in person
* China signals no big stimulus planned to support slowing economy
* Is the US in a recession? Answer depends on the analyst you ask
* Inflation in Eurozone in July reaches record-high 8.9% for past year
* Eurozone GDP growth picked up to +0.7% in Q2, but…
* German GDP ground to a halt in Q2
* Big tech looks resilient as economy weakens
* US jobless claims edge lower but remain near 2022’s highest level
* US Q2 GDP declines, marking second straight quarterly loss:
