The U.S. economy shrank 0.9% last quarter, fueling fears of a recession.

Despite the Biden Administration’s efforts to get ahead of the Bureau of Economic Analysis report —even attempting to redefine what a recession is —the numbers don’t lie: America is meeting the criteria for a so-called technical recession.

From Fox News:

Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.9% on an annualized basis in the three-month period from April through June, the Commerce Department said in its first reading of the data on Thursday. Refinitiv economists expected the report to show the economy had expanded by 0.5%.

Economic output already fell over the first three months of the year, with GDP tumbling 1.6%, the worst performance since the spring of 2020, when the economy was still deep in the throes of the COVID-induced recession.

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 (NBER), which tracks downturns.

The White House has been spinning what they knew would be a bad report for weeks —even trying to redefine what a recession is, rolling the talking points out via mainstream media outlets.

“What is a recession?” the Biden Administration asked on “While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle. Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data—including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year—even if followed by another GDP decline in the second quarter—indicates a recession.”

This story is developing…

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