The U.S. economy entered a technical recession in the second quarter of the year, which could spell financial trouble for millions of Americans as inflation rages.
Liz Ann Sonders, Beth Kindig and Jared Dillian provide insight on the Fed's rate hikes and the stock market on 'Making Money.'may or may not be in a recession, but economists broadly agree that a downturn is looming due to high inflation and higher interest rates.
Gross domestic product , the broadest measure of goods and services produced in the country, already fell two straight quarters, meeting the technical – but unofficial – criteria for a recession. from January to March and fell by another 0.9% in the period from April to June. The Commerce Department will release revised figures for second-quarter GDP Thursday morning, which are expected to show that the economy remained in a hole last quarter.
Recessions are technically defined by two consecutive quarters of negative economic growth and are characterized by high unemployment, low or negative GDP growth, falling income and slowing retail sales, according to the National Bureau of Economic Research , which tracks downturns.The NBER, the official arbiter, typically waits up to a year to call recessions, which require a "significant decline in economic activity that is spread across the economy and that lasts more than a few months.
"Thus, real GDP could decline by relatively small amounts in two consecutive quarters without warranting the determination that a peak had occurred," the nonprofit said on its website.There are conflicting signs about the economy's health, fueling debate over the state of the economy. The number of Americans filing for unemployment benefits has gradually increased, companies have announced layoffs or hiring freezes and the housing market is softening.
Although economists remain divided on whether the economy is officially in a recession, they largely agree that avoiding a downturn in the near future will be nearly impossible as theWhether a recession is imminent or further away, here's what Americans can do with their finances to prepare. Experts advise that Americans should take a close look at where they spend their money each month and take stock of where they can cut back.
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