{"id":1576665,"date":"2022-07-28T12:25:21","date_gmt":"2022-07-28T16:25:21","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1576665"},"modified":"2022-07-28T12:25:29","modified_gmt":"2022-07-28T16:25:29","slug":"virtually-nothing-signals-us-in-a-recession-wh-econ-adviser-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/virtually-nothing-signals-us-in-a-recession-wh-econ-adviser-says\/","title":{"rendered":"\u2018Virtually Nothing Signals\u2019 US In A Recession, WH Econ Adviser Says"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/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%2Fvirtually-nothing-signals-us-in-a-recession-wh-econ-adviser-says%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=1576665&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\/WH-economic-adviser-Brian-Deese-says-nothing-signals-a-recession-Screenshot-CNBC-e1659022410802.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>White House Director of the National Economic Council Brian Deese claimed Thursday that \u201cvirtually nothing signals\u201d the U.S. is in a recession despite the newly released report showing two consecutive quarters of falling GDP.<\/p>\n<p>\u201cSquawk on the Street\u201d co-host Carl Quintanilla asked <a href=\"https:\/\/dailycaller.com\/2022\/07\/25\/brian-deese-slowing-economy-necessary-recession-fears\/\" target=\"_blank\" rel=\"noopener noreferrer\">Deese<\/a> whether he anticipated the National Bureau of Economic Research (NBER) to declare the U.S. is in a \u201crecession\u201d amid the debate over the technical definition.<\/p>\n<p>\u201cWell, we\u2019re certainly in a transition and we are seeing slowing as we all would have expected. But I think if you look at the full data and the type of data that NBER looks at, virtually nothing signals that this period in the second quarter is recessionary,\u201d Deese said.<\/p>\n<p><strong>WATCH:<\/strong><\/p>\n<p><a href=\"https:\/\/dailycaller.com\/2022\/05\/22\/brian-deese-recession\/\" target=\"_blank\" rel=\"noopener noreferrer\">Deese<\/a> noted the 3.6% unemployment rate and the labor market as indicators the U.S. is not technically in a recession.<\/p>\n<p>The U.S. real <a href=\"https:\/\/data.oecd.org\/gdp\/gross-domestic-product-gdp.htm\" target=\"_blank\" rel=\"noopener noreferrer\">GDP<\/a> <a href=\"https:\/\/dailycaller.com\/2022\/07\/28\/recession-us-economy-second-quarter-gdp-growth\/\" target=\"_blank\" rel=\"noopener noreferrer\">decreased<\/a> at an annual rate of 0.9% in the second quarter of 2022, data released Thursday from the <a href=\"https:\/\/www.bea.gov\/data\/gdp\/gross-domestic-product\" target=\"_blank\" rel=\"noopener noreferrer\">Bureau of Economic Analysis<\/a> shows. Deese, as well as other members of the administration, have consistently pushed back on claims the <a href=\"https:\/\/dailycaller.com\/2022\/07\/27\/jared-bernstein-falling-gas-prices-no-victory-lap\/\" target=\"_blank\" rel=\"noopener noreferrer\">economy<\/a> is in, or headed toward, a recession. The administration said in a recent blog post that two consecutive quarters of falling GDP is not indicative of a recession. <strong><a href=\"https:\/\/dailycaller.com\/2022\/07\/25\/white-house-brian-deese-definition-recession-america-gdp\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: White House Economic Adviser Tries To Get Out Ahead On Definition Of Recession As GDP Data Set To Be Released)<\/a><\/strong><\/p>\n<p>The National Bureau of Economic Research uses several <a href=\"https:\/\/www.cnbc.com\/2022\/07\/26\/heres-how-to-know-if-were-in-a-recession-and-its-not-what-you-think.html#:~:text=The%20organization%20is%20generally%20thought,price%20fluctuations%20and%20industrial%20production.\" target=\"_blank\" rel=\"noopener noreferrer\">factors<\/a> to determine whether the U.S. is in a <a href=\"https:\/\/dailycaller.com\/2022\/07\/22\/jennifer-granholm-clean-energy\/\" target=\"_blank\" rel=\"noopener noreferrer\">recession<\/a>. Economist Julius Shiskin wrote in 1974 that two consecutive quarters of declining GDP is a good rule of thumb to define a recession, with the <a href=\"https:\/\/dailycaller.com\/2022\/07\/21\/nyt-paul-krugman-green-energy\/\" target=\"_blank\" rel=\"noopener noreferrer\">definition<\/a> becoming somewhat of a <a href=\"https:\/\/www.weforum.org\/agenda\/2022\/07\/global-economic-recession-meaning\/\" target=\"_blank\" rel=\"noopener noreferrer\">standard<\/a>.<\/p>\n<p>President and CEO of the American Consumer Institute Steve Pociask told the Daily Caller that the White House\u2019s argument is \u201ca little weak,\u201d saying the general rule of thumb should be enough to declare the U.S. is in a recession.<\/p>\n<p>\u201cThe definition of a recession, while it\u2019s not completely set in stone, it\u2019s pretty well recognized that if you have a situation where you have two or more quarters of decreasing economic output, that that pretty much is what the signal of a recession is,\u201d Pociask said. \u201cNow, there [are] some that will argue that to have at least six months of decline, that it needs to be apparent and certain statistics like the Gross National Product (GNP) in real terms and income and jobs report in manufacturing production, as well as business sales \u2026 but when you look at that, the GNP, the GDP really is the most comprehensive measure that takes into account all of that.\u201d<\/p>\n<p>\u201cAll economists should be comfortable with the basic statistic benchmark that two negative quarters is a signal for a recession,\u201d he added.<\/p>\n<p>But the debate about the technical definition does not matter as much to Americans who are feeling the effects of a contracting economy, a research fellow for regional economics at The Heritage Foundation, E.J. Antoni, <a href=\"https:\/\/dailycaller.com\/2022\/07\/28\/joe-biden-united-states-right-path-transition-fears-recession\/\" target=\"_blank\" rel=\"noopener noreferrer\">told<\/a> the Daily Caller News Foundation.<\/p>\n<p>\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,\u201d Antoni said. \u201cIn my opinion, if you go out and talk to regular Americans it is so blatantly obvious the economy is contracting.\u201d<\/p>\n<p>Global business columnist and associate editor at the Financial Times <a href=\"https:\/\/dailycaller.com\/2022\/07\/26\/cnn-rana-foroohor-technical-definition-recession-doesnt-matter\/\" target=\"_blank\" rel=\"noopener noreferrer\">Rana Foroohar<\/a> made a similar point Tuesday while speaking on CNN.<\/p>\n<p>\u201cWell, look, people feel like they\u2019re in a recession whether they are or not. I mean, there\u2019s a lot of debate about technical recession, at the end of the day, Ana, you and I know it\u2019s about how you feel. Do you have money in your wallet? Are you buttoning up your pocketbook? And people clearly are. We\u2019ve all felt the cost increases at the grocery store, at the pump \u2013 although gas prices have gone down a little bit, that\u2019s one silver lining. But, folks are not feeling good. They are feeling in a pinch right now.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>White House Director of the National Economic Council Brian Deese claimed Thursday that \u201cvirtually nothing signals\u201d the U.S. is in a recession despite the newly released report showing two consecutive<\/p>\n","protected":false},"author":74,"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-1576665","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\/1576665","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\/74"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1576665"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1576665\/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=1576665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1576665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1576665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}