We want to hear your thoughts after this recent report. Could we be living in a recession now?
with pharmaceutical companies, and the new revenue would be used to lower costs for seniors on medications. The measure would also extend subsidies that were provided early in the pandemic to help some Americans who buy health insurance on their own.
The government’s first of three estimates of GDP for the April-June quarter marks a drastic weakening from the . That was the fastest calendar-year expansion since 1984, reflecting how vigorously the economy roared back from the brief but brutal pandemic recession of 2020. Americans are still spending, though more tepidly. Thursday’s report showed that consumer spending rose at a 1% annual pace from April through June, down from 1.8% in the first quarter and 2.5% in the final three months of 2021.
Before accounting for surging prices, the economy actually grew at a 7.8% annual pace in the April-June quarter. But inflation wiped out that gain and then some and produced a negative GDP number.
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