President Biden reacted to Thursday's GDP report, saying it is “no surprise that the economy is slowing down” amid inflation, despite saying earlier this week that the United States would not be entering a recession.
said the United States "is not in a recession," despite Thursday's GDP report, saying it is "no surprise that the economy is slowing down" amid inflation. in the spring for the second consecutive quarter, meeting the criteria for a recession as record-high inflation and higher interest rates forced consumers and businesses to pull back on spending.
Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.9% on an annualized basis in the three-month period from April through June, the Commerce Department said in its first reading of the data on Thursday. Refinitiv economists expected the report to show the economy had expanded by 0.5%.
Biden touted the job market, saying it "remains historically strong, with unemployment at 3.6% and more than 1 million jobs created in the second quarter alone."President Biden speaks in the Rose Garden of the White House in Washington on Wednesday, July 27, 2022. Biden said he met with the chairman of SK Group from Korea earlier this week, saying it is "just one of the companies investing more than $200 billion in American manufacturing since I took office, powering a historic recovery in American manufacturing."
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