And it usually makes the call six to 12 months after the fact, meaning the official word on recession won’t be known for a while. What’s Next: The NBER uses a broad definition of recession that isn’t captured completely by just looking at two quarters of GDP data. is officially in a recession, there is one group that is the official arbiter: the eight economists, conservatives and liberals, at the National Bureau of Economic Research. While Democrats and Republicans argue about whether the U.S. Lawmakers passed it 243-187, with 24 Republicans voting to approve despite caucus leaders urging everyone to resist. Republicans are already pushing back on the bill.ĬEO Brian Moynihan, who attended the White House summit virtually, told Biden consumers are spending more and that a slowdown in mortgages and car loans was an “intended outcome” of interest-rate increases by the Federal Reserve.ĭuring the CEO summit, the House passed the Chips Act that includes $52 billion in funding to support expansion of U.S. isn’t in a recession and urged the passage of a $739 billion surprise budget package revealed by Senate Democrats late Wednesday. President Joe Biden and other members of his administration tried to push back on gloomy economic data on Thursday, minimizing the news that gross domestic product shrank 0.9% in the second quarter, which would be the second-consecutive contraction that for some signals the onset of recession.īiden hosted corporate CEOs, both in person and virtually at the White House as he repeated the U.S. *** Biden Says It’s Not a Recession, but It Isn’t Up to Him *** Join Mansion Global reporter Leslie Hendrickson today at noon as she talks to senior economist George Ratiu and the CEO and owner of Zeitlin Sotheby’s International Realty in Nashville, Jessica Averbuch, about the housing market in Nashville and other Sunbelt cities. The signs of recession, whether it arrives now or in the near future, suggest the Fed medicine is working and inflation should dip next. Investors aren’t quibbling about specifics. A big earnings miss and some self-inflicted wounds mean “We must and will do better,” CEO Pat Gelsinger said. S clanger put it outside Powell’s thesis.
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Dive into the data, though, and there are signs of inflationary strain, such as Amazon’s North America division, including its core online retail business, which has run at a loss for three quarters straight.įortunately, the cloud computing arm Amazon Web Services appears immune to slowdown and provides a cushion that accounts for one-sixth of group revenue.