Us GDP

The US economy shrank for a second consecutive quarter, meeting one of the common criteria for a technical recession and complicating the Federal Reserve's ...

The drumbeat of recession grew louder after the US economy shrank for a second straight quarter, as decades-high inflation undercut consumer spending and ...

WASHINGTON (Reuters) -- The U.S. economy contracted again in the second quarter amid aggressive monetary policy tightening from the Federal Reserve to.

Fed Chair Jerome Powell acknowledged the softening economic activity as a result of tighter monetary policy. Jobless claims remain below the 270,000-350,000 range that economists say would signal an increase in the unemployment rate. The economy contracted at a 1.6% pace in the first quarter. Economists polled by Reuters had forecast 253,000 applications for the latest week. Job growth averaged 456,700 per month in the first half of the year, which is generating strong wage gains. Still, the risks of a downturn have increased.

Gross domestic product fell by 0.2 percent in the second quarter, after a 0.4 percent decline in the first, fueling fears that a recession may have already ...

The collapse in economic activity in the first months of the pandemic was so broad and so severe that the bureau declared it a recession even though it lasted only two months. But it is usually clear in hindsight, which is why the dating committee waits so long — typically as much as a year — to make its pronouncements. How has the economic volatility in recent months affected you as a worker or a business owner? The risk is that, in trying to control inflation, the Fed will slow demand so much that companies start laying off workers, unemployment rises sharply and the economy falls into a recession. Those estimates, however, benefit from long-term data sets that allow analysts to compare the effects of temperature and extreme weather events over time. The biggest decrease in spending also came from food, in the form of groceries and meals meant to be eaten at home, which subtracted 0.65 percentage points from growth. That happened in the second quarter, with spending on services growing 4.1 percent on an annualized basis, but not enough to prevent a significant slowdown. A decrease in demand will be crucial to keeping those prices in check — and make the Federal Reserve’s job somewhat easier. By raising the cost of borrowing money, the Fed hopes to bring down demand, and with it, inflation. “But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure.” Business investment and construction activity both fell in the second quarter after rising in the first. Inventories, which measure the amount of stuff that’s been produced or imported but not yet sold, depressed the overall number by more than two percentage points on an annual basis.

When we focus on the topline GDP number, we lose focus of its implications (or lack thereof) on inequality, climate change, and well-being.

It is literally like people knowing that the meteorite is coming toward us, and it’s going to kill us, but we just simply don’t look up. So when it comes to you and I figuring out what we want the world to look like, what is important in our lives, that is something other than just simply money. What needs to change is the operating system that is growth-dependent capitalism. It is a quite adequate measure for the success of capitalism, and it measures quite well the accumulation of money and wealth among the rich. I have done interviews with corporate CEOs who very frankly admit that the business model they’re currently operating under is not sustainable, that it will hurt the world and the planet in ways that are irreversible. Say we’re passengers on a train racing toward a cliff, and the only metric that matters in that train is its increase in speed. We are at this tragic moment in history in which we can say both that if we continue to grow, we will kill ourselves, and if we stop growing, we will suffer greatly within capitalism. It doesn’t measure the stress of people, the loneliness of people, the illness of people; it doesn’t consider any of that. So they commissioned this famous economist by the name of Simon Kuznets to come together with these figures that would give them some idea as to where and how to intervene in the economy. One such critic is Dirk Philipsen, an economic historian at Duke University and the author of The Little Big Number: How GDP Came to Rule the World and What to Do About It. In his view, GDP is an “extremely destructive” metric, and the world’s continued attention to it could have dire consequences. That’s amazing, because it is a metric that essentially measures the well-being of capital — not of people, and not of the environment. GDP measures the monetary value of goods and services produced in a country.

Frances Donald, Manulife Investment Management Global Chief Economist & Strategist, is more concerned about the next four quarters going further than today's ...

The US economy contracted for a second straight quarter between April and June, government data showed Thursday, fueling recession fears just months before ...

U.S. economy contracts in the second quarter · Meta Platforms revenue drops for first time · Ford shares gain after results · Indexes: Dow up 1%, S&P 500 up 1.2%, ...

read more read more read more The Fed on Wednesday raised the benchmark overnight rate by three-quarters of a percentage point. read more read more read more Amazon.com ended the regular session up 1.1%. read more Shares of Apple (AAPL.O) were up more than 3% after hours following the company's quarterly report and upbeat forecast, and S&P 500 e-mini futures were up 2% late. After the closing bell, Amazon.com shares shot up more than 12% as the online retailer reported quarterly sales that beat Wall Street estimates. Among them, Ford Motor Co (F.N) shares jumped 6.1% after it reported a better-than-expected quarterly net income.

The stock market moved higher on Thursday despite U.S. economic growth contracting for the second quarter in a row, a significant recession indicator which ...

Though LPL Financial chief economist Jeffrey Roach agrees “we are not in recession” as consumer spending remains “strong,” the latest data does have implications for Federal Reserve policy going forward, he argues. Fed officials said that another 75 basis point increase is possible for September, though most experts expect 50 basis points. It will be a “close call” whether the U.S. economy is able to “dodge recession” amid a multitude of headwinds from tightening monetary policy, high food and gas prices, a strong dollar and ongoing fears of an economic downturn, says Adams. “Another negative shock like an energy crisis in Europe this winter would be enough to push the U.S. into a recession,” he predicts. “With solid job growth in the first half of the year, the economy didn’t look like it was in a recession,” says Comerica Bank chief economist Bill Adams, though he warns that the outlook for the rest of the year and into 2023 is a lot “dicier.” While the latest data no doubt adds to ongoing fears of an economic downturn in markets—especially as the Federal Reserve continues to aggressively hike interest rates, many experts still argue that the economy is not yet in a full recession, citing the strong labor market and solid consumer spending. The stock market moved higher on Thursday despite U.S. economic growth contracting for the second quarter in a row, a significant recession indicator which spooked markets—though most experts argue that the economy is yet to fall into a true recession thanks to solid job growth and consumer spending.