Suddenly, the R-word is everywhere. Are the fears of a recession overblown?
Wall Street Journal
A second concern is that manufacturing output fell slightly in May, and the rate of factory utilization also slipped back a bit. These days, the U.S. manufacturing sector is dwarfed by the huge services economy, which encompasses everything from leisure and hospitality to health care, but many economists believe its performance provides an indicator of where the broader economy is headed. At the moment, that indicator is pointing down.
Even as Powell told Congress that the economy remains strong, he also acknowledged that a recession “is certainly a possibility.” Still, Biden and Yellen were right when they said one isn’t inevitable. The term is often defined as two consecutive quarters of negative G.D.P. growth, but that’s not strictly accurate.
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