New York (CNN Business)The American economy didn't get the memo that
it's supposed to already be in a recession.

The brutal GDP report released on July 28, showing the economy had
contracted for a second quarter in a row, led some to insist the
much-feared recession had already arrived.

And in some ways that makes sense: Since 1948, every period of
back-to-back quarters of negative growth coincided with a recession.
But the recession-is-already-here argument has been severely undermined
since that GDP report came out. A series of events in the past 10 days
suggest those recession calls are, at a minimum, premature.

Yes, the economy is cooling off after last year's gangbusters growth.
But no, it does not appear to be suffering the kind of downfall that
would qualify as a recession.

Consider the following developments:

The economy added more than half a million jobs in July alone.

The unemployment rate dropped to 3.5%, tied for the lowest level since 1969.

Inflation chilled out (relatively speaking) in July for both the
consumers and producers
.
Gas prices tumbled below $4 a gallon for the first time since March.

Consumer sentiment has bounced off record lows.

The stock market notched its longest weekly winning streak since November.

Mark Zandi, chief economist at Moody's Analytics, has only grown more
confident that the US economic recovery is intact.

"This is not a recession. It's not even in the same universe as a
recession," Zandi told CNN. "It's just patently wrong to say it is."
Zandi said the only thing signaling an ongoing recession is those
back-to-back quarters of negative GDP. Yet he predicted those GDP
declines will eventually get revised away. And there are early
indicators that GDP will turn positive this quarter.

Of course, none of this means the economy is healthy. It isn't.
Inflation remains way too high.

And none of this means the economy is out of the woods. It isn't.
[snip]

https://www.cnn.com/2022/08/15/economy/recession-inflation-economy/index.html

TB

--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)

On 8/15/2022 11:40 AM, Technobarbarian wrote:

New York (CNN Business)The American economy didn't get the memo that
it's supposed to already be in a recession.

The brutal GDP report released on July 28, showing the economy had
contracted for a second quarter in a row, led some to insist the
much-feared recession had already arrived.

And in some ways that makes sense: Since 1948, every period of
back-to-back quarters of negative growth coincided with a recession.
But the recession-is-already-here argument has been severely undermined
since that GDP report came out. A series of events in the past 10 days suggest those recession calls are, at a minimum, premature.

Yes, the economy is cooling off after last year's gangbusters growth.
But no, it does not appear to be suffering the kind of downfall that
would qualify as a recession.

Consider the following developments:

The economy added more than half a million jobs in July alone.

The unemployment rate dropped to 3.5%, tied for the lowest level since
1969.

Inflation chilled out (relatively speaking) in July for both the
consumers and producers
.
Gas prices tumbled below $4 a gallon for the first time since March.

Consumer sentiment has bounced off record lows.

The stock market notched its longest weekly winning streak since November.

Mark Zandi, chief economist at Moody's Analytics, has only grown more confident that the US economic recovery is intact.

"This is not a recession. It's not even in the same universe as a
recession," Zandi told CNN. "It's just patently wrong to say it is."
Zandi said the only thing signaling an ongoing recession is those back-to-back quarters of negative GDP. Yet he predicted those GDP
declines will eventually get revised away. And there are early
indicators that GDP will turn positive this quarter.

Of course, none of this means the economy is healthy. It isn't.
Inflation remains way too high.

And none of this means the economy is out of the woods. It isn't.
[snip]

https://www.cnn.com/2022/08/15/economy/recession-inflation-economy/index.html

TB

I don't think there's a bigger Biden shill than you. Well, maybe the
people at the site you got this tripe from.

--
--------------
Liberals fear Donald Trump more than they fear climate change.

--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)