America’s Economy Fell Into a Technical Recession, New GDP Data Confirms

America’s Economy Fell Into a Technical Recession, New GDP Data Confirms
Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington on July 27, 2022. Elizabeth Frantz/Reuters
Bryan Jung
Updated:
0:00

The latest readings on U.S. gross domestic product for the second quarter, saw the American economy contract at a slightly slower pace than was previously reported, but the data shows that it still remains in a technical recession.

An increase in interest rates caused by 41-year high inflation, curtailed U.S. consumer spending growth in the first half of 2022.

Bryan Jung
Bryan Jung
Author
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.
Related Topics