{"id":1576216,"date":"2022-07-28T09:25:09","date_gmt":"2022-07-28T13:25:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1576216"},"modified":"2022-07-28T09:25:24","modified_gmt":"2022-07-28T13:25:24","slug":"us-economy-posts-second-consecutive-quarter-of-negative-growth","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-posts-second-consecutive-quarter-of-negative-growth\/","title":{"rendered":"US Economy Posts Second Consecutive Quarter Of Negative Growth"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-economy-posts-second-consecutive-quarter-of-negative-growth%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1576216&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Biden-1-scaled-e1658950318277.jpeg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>The U.S. economy under President Joe Biden shrank for a second consecutive quarter as inflation continues to surge, meaning that, by some definitions, the economy is already in a recession.<\/p>\n<p>U.S. real gross domestic product (GDP) decreased at an annual rate 0.9% in the first quarter of 2022,\u00a0 <a href=\"https:\/\/www.bea.gov\/data\/gdp\/gross-domestic-product\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to Thursday data from the Bureau of Economic Analysis (BEA), underperforming the expectations of economists <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-27\/us-economy-seen-narrowly-averting-so-called-technical-recession#xj4y7vzkg\">surveyed by Bloomberg<\/a> that the economy would grow by a modest 0.4% in the second quarter. GDP<a href=\"https:\/\/dailycaller.com\/2022\/04\/28\/gdp-growth-joe-biden-covid-stagflation\/\"> fell by 1.4%<\/a> in the first quarter, and many economists and commentators <a href=\"https:\/\/dailycaller.com\/2022\/07\/25\/white-house-redefine-recession-gdp-data\/\">define a recession<\/a> as two consecutive quarters of negative GDP growth.<\/p>\n<p>The Biden administration has <a href=\"https:\/\/dailycaller.com\/2022\/07\/25\/economist-dismantles-biden-admins-attempt-redefine-recession\/\">pushed back<\/a> on the assertion that the economy is in a recession despite the past two quarters returning negative growth.<\/p>\n<p class=\"p1\">\u201cAt the end of the day the average American family has been going through economic pain for the last 18 months; paychecks are going out the door faster than they\u2019re coming in because of inflation, credit card debt is getting more expensive to service, regular folks can\u2019t afford a home, gas and grocery prices are going up. In my opinion, if you go out and talk to regular Americans it is so blatantly obvious the economy is contracting.\u201d<span class=\"Apple-converted-space\"> E.J. Antoni, research fellow for regional economics at The Heritage Foundation, told told the Daily Caller News Foundation. <strong><a href=\"https:\/\/dailycaller.com\/2022\/07\/15\/business-owners-already-seeing-recession\/\">(RELATED: \u2018A Definite Slowdown\u2019: Business Owners Say They\u2019re Already Seeing Signs Of Recession)<\/a><\/strong><\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\u26a0\ufe0fBREAKING:<\/p>\n<p>*U.S. Q2 GDP 1ST READING: -0.9%, EST. +0.5%; PREV. -1.6%<\/p>\n<p>\ud83c\uddfa\ud83c\uddf8\ud83c\uddfa\ud83c\uddf8 <a href=\"https:\/\/t.co\/t4y6MOnWce\">pic.twitter.com\/t4y6MOnWce<\/a><\/p>\n<p>\u2014 Investing.com (@Investingcom) <a href=\"https:\/\/twitter.com\/Investingcom\/status\/1552632592490500100?ref_src=twsrc%5Etfw\">July 28, 2022<\/a> <\/p>\n<\/blockquote>\n<p>The BEA attributed Thursday\u2019s lackluster growth to decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment.<\/p>\n<p>Meanwhile, as the economy is contracting, prices remain sky-high and inflation continues to surge; the Consumer Price Index (CPI), a key inflation indicator, <a href=\"https:\/\/dailycaller.com\/2022\/07\/13\/inflation-americans-cpi-squeeze-joe-biden\/\">came in at at<\/a> 9.1% in June, the highest rate on record since 1981. Producer prices have increased even more drastically than what consumers have faced in recent months, hitting <a href=\"https:\/\/dailycaller.com\/2022\/07\/14\/inflation-even-worse-retailers-consumers-new-data\/\">11.3% in June.<\/a><\/p>\n<p>The Federal Reserve increased rates by 0.75% on Wednesday to try to tame inflation, but <a href=\"https:\/\/dailycaller.com\/2022\/07\/27\/federal-reserve-rate-hikes-economy-recession-inflation\/\">economists say<\/a> this could have additional contractionary effects on growth.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. economy under President Joe Biden shrank for a second consecutive quarter as inflation continues to surge, meaning that, by some definitions, the economy is already in a recession.U.S.<\/p>\n","protected":false},"author":979,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1576216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1576216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/979"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1576216"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1576216\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1576216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1576216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1576216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}