{"id":1655227,"date":"2022-09-23T13:19:54","date_gmt":"2022-09-23T17:19:54","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1655227"},"modified":"2022-09-23T13:22:12","modified_gmt":"2022-09-23T17:22:12","slug":"british-news-outlets-are-reporting-their-country-is-in-a-recession-american-media-refused-to-do-the-same","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/british-news-outlets-are-reporting-their-country-is-in-a-recession-american-media-refused-to-do-the-same\/","title":{"rendered":"British News Outlets Are Reporting Their Country Is In A Recession. American Media Refused To Do The Same."},"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\">36<\/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%2Fbritish-news-outlets-are-reporting-their-country-is-in-a-recession-american-media-refused-to-do-the-same%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=1655227&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--><p>After the Bank of England announced that it expects the <a href=\"http:\/\/dailywire.com\/topic\/economy\" target=\"_blank\" rel=\"noopener\">economy<\/a> of <a href=\"https:\/\/www.dailywire.com\/topic\/united-kingdom\" target=\"_blank\" rel=\"noopener\">Britain<\/a> to shrink in the third quarter of 2022, news outlets reported that the country is in a <a href=\"http:\/\/dailywire.com\/topic\/recession\" target=\"_blank\" rel=\"noopener\">recession<\/a> \u2014 although several American media outlets refused to do the same upon similar news in the United States.<\/p>\n<p>Although the central bank had formerly expected economic output to grow by 0.4% during the third quarter, lower manufacturing and construction output compelled policymakers to downgrade forecasts to a 0.1% contraction \u2014 marking the \u201csecond successive quarterly decline,\u201d according to <a href=\"https:\/\/www.bankofengland.co.uk\/monetary-policy-summary-and-minutes\/2022\/september-2022\">minutes<\/a> from a Wednesday meeting. Officials nevertheless hiked interest rate targets in order to quell high <a href=\"http:\/\/dailywire.com\/topic\/inflation\" target=\"_blank\" rel=\"noopener\">inflation<\/a>.<\/p>\n<p>British media outlets interpreted the Bank of England\u2019s commentary using the rule-of-thumb definition of a recession \u2014 two consecutive quarters of negative growth.<\/p>\n<p>\u201cBritain\u2019s economy is now in recession, the Bank of England has said, as it raised interest rates to tackle the worst bout of inflation for 40 years,\u201d The Guardian <a href=\"https:\/\/www.theguardian.com\/business\/2022\/sep\/22\/bank-of-england-interest-rate-rise-latest\">reported<\/a>.<\/p>\n<p>\u201cExperts at the Bank of England (BoE) have said that the UK economy is already in recession after gross domestic product (GDP) shrank for the second straight quarter,\u201d Yahoo Finance UK <a href=\"https:\/\/uk.finance.yahoo.com\/news\/uk-recession-bank-of-england-114739974.html\">added<\/a>.<\/p>\n<p>\u201cThe Bank now expects the UK economy to shrink between July and September,\u201d the BBC <a href=\"https:\/\/www.bbc.com\/news\/business-62991376\">commented<\/a>. \u201cThis comes after the economy already shrank slightly between April and June and will push the UK into recession, defined as when an economy shrinks for two consecutive quarters.\u201d<\/p>\n<p>In the United States, <a href=\"https:\/\/www.bea.gov\/data\/gdp\/gross-domestic-product\">data<\/a> from the Bureau of Economic Analysis likewise indicated that the economy met the definition of a recession, since output shrank at a 1.6% annualized rate in the first quarter and a 0.6% pace in the second quarter. More recent <a href=\"https:\/\/www.atlantafed.org\/cqer\/research\/gdpnow\">data<\/a> from the Federal Reserve Bank of Atlanta showed that the economy will <a href=\"https:\/\/www.dailywire.com\/news\/american-economy-shrank-in-the-first-two-quarters-and-will-likely-stagnate-in-the-third\">likely stagnate<\/a> in the third quarter as well.<\/p>\n<p>Several leading American media outlets, however, refused to acknowledge that the country entered a contractionary period based on the traditional definition of a recession.<\/p>\n<p>\u201cTwo consecutive quarters of negative GDP growth are thought to be sufficient for a recession call, but the NBER makes a subjective interpretation using a variety of data,\u201d Forbes <a href=\"https:\/\/www.forbes.com\/sites\/raulelizalde\/2022\/08\/05\/this-is-why-we-are-not-in-a-recession-yet-but-its-just-a-matter-of-time\/?sh=650097c99eea\">reported<\/a> in August.<\/p>\n<p>\u201cYes, the economy is cooling off after last year\u2019s gangbusters growth,\u201d CNN Business <a href=\"https:\/\/www.cnn.com\/2022\/08\/15\/economy\/recession-inflation-economy\/index.html\">said<\/a>, \u201cbut no, it does not appear to be suffering the kind of downfall that would qualify as a recession.\u201d<\/p>\n<p>\u201cThe most recent evidence suggests the U.S. is not on the verge of its second recession in three years, but rather the economy is growing at a steady if somewhat slower pace,\u201d MarketWatch <a href=\"https:\/\/www.marketwatch.com\/story\/the-u-s-economy-is-not-in-recession-its-growing-but-for-how-long-11660930170#:~:text=The%20most%20recent%20evidence%20suggests,people%20applying%20for%20unemployment%20benefits.\">explained<\/a>.<\/p>\n<p>\u201cThe American economy is losing steam and is vulnerable to sinking into a recession but it\u2019s not in one yet,\u201d CNN Business <a href=\"https:\/\/www.cnn.com\/2022\/07\/29\/economy\/recession-economy-mark-zandi\/index.html\">reported<\/a> based on an interview with Moody\u2019s Analytics Chief Economist Mark Zandi.<\/p>\n<p>The talking points followed remarks from members of the Biden administration, who, citing the lack of an official verdict from the National Bureau of Economic Research, likewise argued that the nation has not yet <a href=\"https:\/\/www.dailywire.com\/news\/white-house-does-preemptive-damage-control-as-economy-heads-toward-recession\">definitively entered<\/a> a prolonged contraction.<\/p>\n<p>\u201cWhile some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,\u201d the White House said in a <a href=\"https:\/\/www.whitehouse.gov\/cea\/written-materials\/2022\/07\/21\/how-do-economists-determine-whether-the-economy-is-in-a-recession\/\">blog post<\/a>. \u201cInstead, both official determinations of recessions and economists\u2019 assessment of economic activity are based on a holistic look at the data \u2014 including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year \u2014 even if followed by another GDP decline in the second quarter \u2014 indicates a recession.\u201d<\/p>\n<p>Further arguing that \u201cyou don\u2019t see any of the signs\u201d of a broader contraction, Treasury Secretary Janet Yellen referred to \u201csolid\u201d consumer spending figures and robust employment rates during an <a href=\"https:\/\/www.dailywire.com\/news\/yellen-were-not-in-a-recession-were-in-a-transition-in-which-growth-is-slowing\">interview<\/a> with NBC host Chuck Todd. \u201cWe\u2019re in a period of transition in which growth is slowing and that\u2019s necessary and appropriate and we need to be growing at a steady and sustainable pace,\u201d she contended. \u201cSo there is a slowdown and businesses can see that and that\u2019s appropriate, given that people now have jobs and we have a strong labor market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After the Bank of England announced that it expects the economy of Britain to shrink in the third quarter of 2022, news outlets reported that the country is in a recession \u2014 although several American media outlets refused to do the same upon similar news in the United States. Although the central bank had formerly &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1655229,"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-1655227","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\/1655227","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1655227"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1655227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1655229"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1655227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1655227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1655227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}