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Thu Jul 28, 2022, 02:27 PM

US economy shrinks for a 2nd quarter, raising recession fear

This discussion thread was locked as off-topic by Omaha Steve (a host of the Latest Breaking News forum).

Source: AP

WASHINGTON (AP) — The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.

The decline that the Commerce Department reported Thursday in the gross domestic product — the broadest gauge of the economy — followed a 1.6% annual drop from January through March. Consecutive quarters of falling GDP constitute one informal, though not definitive, indicator of a recession.

The GDP report for last quarter pointed to weakness across the economy. Consumer spending slowed as Americans bought fewer goods. Business investment fell. Inventories tumbled as businesses slowed their restocking of shelves, shaving 2 percentage points from GDP.

Higher borrowing rates, a consequence of the Federal Reserve’s series of rate hikes, clobbered home construction, which shrank at a 14% annual rate. Government spending dropped, too.



Read more: https://apnews.com/article/us-economy-shrinks-4ffd93331422cb131a974223dad5825f

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Jul 28, 2022, 03:01 PM

1. More discussion at this earlier LBN story:

Real gross domestic product (GDP) decreased at an annual rate of 0.9 percent in the second quarter
https://www.democraticunderground.com/10142948717
which thoroughly covers the 2 quarters in a row issue

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Jul 28, 2022, 03:05 PM

2. I wish someone would tell our local economy that its in decline, there are more job openings now

than a year ago, everyone's out spending. I know the republican run Fed wants to be in a recession & repukes in general do also but damn its not working for them here.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Jul 28, 2022, 03:45 PM

3. The tv pundits just can't stop talking about a recession.

It like they want this to happen and presto every one will believe it.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Jul 28, 2022, 03:51 PM

4. People have just stopped buying overpriced shit. tired of being gouged just because. nt

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Response to Samrob (Reply #4)

Thu Jul 28, 2022, 04:31 PM

5. I canceled my Costco membership

I'm on my own now and it costs me $15 to drive there round-trip.

It simply is not worth it for me any longer so out the door that one went.

How many more things can I cut?



Not many best I can tell!



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Response to CountAllVotes (Reply #5)

Thu Jul 28, 2022, 08:04 PM

6. You would be surprised at the things one can do without if you have a good book to read. nt

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Response to Samrob (Reply #6)

Thu Jul 28, 2022, 09:05 PM

7. I don't have cable TV or a phone

I'm still on a landline and I just got wi-fi two weeks ago.

No more DSL for me! It was $10 more a month (no choice).

Otherwise its cut cut cut wherever I can!

COSTCO is ok for families but it doesn't make much sense for a person on their own, nope!

What next?

The electric VW Microvan will have to wait I am afraid.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Jul 28, 2022, 09:44 PM

8. After a review by forum hosts....LOCKING

Dupe of https://www.democraticunderground.com/10142948717

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Post the latest news from reputable mainstream news websites and blogs. Important news of national interest only. No analysis or opinion pieces. No duplicates. News stories must have been published within the last 12 hours. Use the published title of the story as the title of the discussion thread.

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