Published 35 mins ago
Biden administration on the defensive as dismal economic report looms
Economists expect GDP to shrink in the second quarter, potentially signaling a recession
By Megan Henney FOXBusiness
The Biden administration is trying to get ahead of another potentially brutal economic report that comes out next week, which is expected to show the U.S. economy shrank again in the spring – potentially signaling a recession.
The Commerce Department is releasing the highly anticipated second-quarter gross domestic product reading Thursday morning, which is expected to show that growth fell 1.6% in the period from March to May.
The GDP, the broadest measure of goods and services produced in the U.S., already shrank in the first quarter of the year by 1.5%, marking the worst performance since the spring of 2020, when the economy was still deep in the throes of the COVID-induced recession.
Recessions are technically defined by two consecutive quarters of negative economic growth and are characterized by high unemployment, low or negative GDP growth, falling income and slowing retail sales, according to the National Bureau of Economic Research (NBER), which tracks downturns.
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https://www.foxbusiness.com/economy/biden-administration-defensive-dismal-economic-report-looms
