Why two dips in GDP may not mean a recession – yet
by Laurent Belsie
Jul 28, 2022
4 minutes
The U.S. economy in 2022 is not the best of times or the worst of times. It’s sailed instead into a weird patch of ocean, roiled by the deep waters of the pandemic and the gales of war.
Several telltale signs of economic activity have shifted in recent months and now point to a slowdown. On Thursday, the Bureau of Economic Analysis reported that gross domestic product, a measure of the nation’s output, shrank for the second quarter in a row. In the popular mind, at least, that qualifies as a recession.
But other telltales of the economy look a lot more like the final leg of a strong expansion. Inflation is high; unemployment is near record lows. So perhaps the economic ship isn’t actually in
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