The U.S. economy shrank in the spring for the second consecutive quarter, meeting the criteria for a so-called technical recession, as raging inflation and higher interest rates forced consumers and businesses to pull back on spending. While two consecutive quarters of negative growth is technically a recession, other timelier economic data are not consistent with recession." With back-to-back declines in growth, the economy meets the technical criteria for a recession, which requires a "significant decline in economic activity that is spread across the economy and that lasts more than a few months." Fed Chairman Jerome Powell told reporters that he does not believe the U.S. economy is in a recession. … It doesn’t make sense that the economy would be in a recession with this kind of thing happening."

Source: Fox News July 28, 2022 12:57 UTC