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.
Confirmed.
— Quantus Polls and News (@QPollsandnews) June 30, 2022
This is from the Atlanta Federal Reserve page GDPNow.
Q2 is now downgraded to -1.0% growth. That's two consecutive quarters. Economic contraction is upon us.
Hitherto recession. pic.twitter.com/tyvGEvFFpA
Today is technically the first day of recession.
— Patrick Bet-David (@patrickbetdavid) July 1, 2022
If you have a solid plan, future looks bright.
If you don't have a plan, get a solid plan.
If you don't care to have a plan, then netflix & chill.
Either way, recession is here.
pic.twitter.com/jGsmwq4CkK
Q1 GDP: -1.6%
— zerohedge (@zerohedge) June 30, 2022
Q2 GDP: -1.0% (latest Atlanta Fed)
Recession
Naturally, Democrats are spinning the collapse in ridiculous fashion.
My g*d. They’re taking credit for the decline in shipping rates which is actually being caused by the yet-to-be-declared recession. https://t.co/f6HncgZkqz
— Greg Pollowitz (@GPollowitz) July 1, 2022
And the White House continues to deny that there's anything wrong while promoting delusions Biden has prompted a historic economic recovery.
CNN: “85% of U.S. adults say the country is on the WRONG track. It appears that increasingly the American people do not approve of what this White House is doing. "
— RNC Research (@RNCResearch) July 1, 2022
BIDEN ADVISOR DEESE: Americans just need to be “remind[ed]” of the “historic economic progress.” pic.twitter.com/bGZokLvC7u