The US is still nowhere near a recession, according to the June jobs report
as fast as it can by raising interest rates. Economists' worries stem from the fact that soaring rates can quickly stifle demand and slam the brakes on spending, hiring, and overall economic growth.US economy added 372,000 nonfarm payrolls in June
Bunker said that the labor market continues to be strong, extending what "we've seen over the last couple months, and there are signs that there's a sustainable slowdown to a pace that's slower than what we were seeing last year, beginning of this year, but still continues to get more people jobs while not necessarily indicating a recession right now."
That'll make things awkward for experts trying to diagnose the economy's strength. The National Bureau of Economic Research — the organization that officially designates when downturns start and end —a recession as a"significant decline in economic activity that is spread across the economy and that lasts more than a few months." Yet the generally accepted criterion for a technical recession is back-to-back quarters of negative growth.
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