DIAGNOSING THE ECONOMY: GDP may decline again in second quarter, signaling possible recession
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.
Federal Reserve Board Chairman Jerome Powell speaks during a news conference in Washington, D.C., on July 27, 2022. There are conflicting signs about the economy's health: the number of Americans filing for unemployment benefits has gradually increased, companies have announced layoffs or hiring freezes, and the housing market is softening. At the same time, unemployment remains near a historic low, and consumers are still spending heavily, despite scorching-hot inflation.
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