US in Recession Since 2022 After Inflation Adjustments, New Research Shows

Undercounting inflation since 2019 has resulted in overstating economic growth, economists said.

A shopping cart in a supermarket as inflation affected consumer prices in New York City on June 10, 2022. Andrew Kelly/Reuters

New research by a pair of prominent economists suggests that the U.S. economy has been in a recession for the past two years, after inflation adjustments are taken into account.

According to Bureau of Labor Statistics data, cumulative inflation since 2019 has totaled nearly 25 percent.