Are We In A Recession? The Answer Won’t Surprise You
5 Ingenious Ways to Protect Your Financial Health Before a Storm
On July 28, 2022, the latest GDP (Gross Domestic Product) numbers were released by the Bureau of Economic Analysis. Within the report, there was a -0.9% print for the second quarter of 2022. Traditionally these numbers would have been enough to raise the recessionary alarm bells across the mainstream news outlets, but that’s not what happened.
Instead, White House and Federal Reserve officials announced, just days before the report, that the term recession needed — a makeover. They concluded that the US economy was experiencing a period of “stable growth,” instead of a significant contraction despite the data.
This has left many confused. Many are wondering, “are we in a recession?” Should one use the technical definition of the word and begin preparing for a financial winter that could last years? Or, should one believe what the White House promoting? Regardless of what side you may lean towards, you cannot deny what has been happening in the economy.
