The U.S. economy is in recession. For the second quarter in a row, U.S. GDP is down, declining by 0.9% on the heels of a 1.6% decline in the first quarter of 2022. While unemployment remains relatively low, inflation is at a 40-year high and real wages have declined since the beginning of 2021. In addition to food prices spiking by double digit percentages, gas prices have been a huge driver of increasing costs for both business and consumers. The Commerce Department’s economic news also follows yet another interest rate increase announced by the Federal Reserve just a day before.

Source: Washington Post July 28, 2022 13:00 UTC