President Biden's economic team is trying to redefine what constitutes a recession ahead of what is expected to be a dismal second-quarter GDP reading next week.
Hennion & Walsh Asset Management president and CIO Kevin Mahn analyzes Wall Street's volatile day on 'The Claman Countdown.'
The GDP, the broadest measure of goods and services produced in the U.S., already shrank in the first quarter of the year by 1.6%, marking the worst performance since the spring of 2020, when the economy was still deep in the throes of the COVID-induced recession. President Biden speaks about the economy and the final rule implementing the American Rescue Plans Special Financial Assistance program, protecting multi-employer pension plans, at Max S. Hayes High School in Cleveland, Ohio, on July 6, 2022.
The White House is now seeking to redefine what constitutes a recession before the data release, which is likely to show two consecutive periods of shrinkage. In a, White House Council of Economic Advisers chair Cecilia Rouse and member Jared Bernstein argued the economy is nowhere near a downturn as defined by the NBER.
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