Is the U.S. Officially in a Recession Now? The Fed, Congress Work to Tamp Down Inflation

The U.S. economy retracted for the second quarter in a row, sparking concerns that the country is headed into a recession, the Bureau of Economic Analysis reported on Thursday. According to new numbers from the bureau, real gross domestic product (GDP) decreased at an annual rate of 0.9% in the second quarter of 2022. This follows the 1.6% real GDP decrease in the first quarter. This is concerning to many as two consecutive quarters of economic retraction is widely accepted as the normal indicator of a recession in the financial community. Despite this milestone, the Federal Reserve and the Biden administration were quick to state that the U.S. is indeed not in a recession, at least not yet. In a statement on Thursday, President Joe Biden said that coming off of last year’s historic economic growth – and regaining all the private sector jobs lost during the pandemic crisis – it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation. “Our job market remains historically strong, with unemployment at 3.6% and more than 1 million jobs created in the second quarter alone,” President Biden stated. “My economic plan is focused on bringing inflation down, without

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