Revised GDP Data Confirm US Economy Fell Into ‘Technical Recession’ in First Half of 2022

Federal Reserve Board Chair Jerome Powell leaves after a news conference following a two-day meeting of the Federal Open Market Committee in Washington, on July 27, 2022. Reuters/Elizabeth Frantz

The U.S. economy contracted for two consecutive quarters this year, according to a revised government report, which technically meets the criteria for a recession.

The third and final update was released on Sept. 29 by the Bureau of Economic Analysis, as rising inflation and higher interest rates weighed on consumer spending.