If you're confused about whether the US economy is in a recession, you're not alone
On one hand, gross domestic product, a key measure of economic output, shrank for the second straight quarter this week, raising fears that the country has entered -- or will soon enter -- recession territory. On the other hand, the job market remains very strong, telling us the economy is still robust. Some economists call two consecutive quarters of contraction a technical recession.
The economy is creating almost 400,000 jobs a month, and paychecks in June were also growing. That doesn't look like a normal recession.Inflation & rate hikes Inflation is at historic highs in the United States, and it's eating into consumer spending power. US consumer prices surged to a new pandemic-era peak in June, jumping by 9.1% year-over-year, according to the most recent data from the Bureau of Labor Statistics.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Watch: Engineers make zombie spiders, sort of - CNN VideoRice University engineers have figured out a way to manipulate dead spiders to pick up small delicate electronic components.
Read more »
Hunter Biden was repeatedly warned of tax problems, a CNN review of emails showsDespite an affluent income and lavish lifestyle, Hunter Biden’s debts piled up and he was repeatedly warned of tax problems, emails show.
Read more »
Shark Week Documentary ‘Great White Open Ocean’ To Air On CNNEXCLUSIVE: CNN will broadcast the Shark Week documentary Great White Open Ocean on Sunday, July 30, marking the first time the channel has participated in Shark Week. It comes almost four months a…
Read more »