ECONOMIC SLUMP: US enters recession as GDP shrinks for second consecutive quarter
FOX Business' host Larry Kudlow reacts to the final GDP reading for the first quarter, arguing that the U.S. is 'probably on the front-end of a recession.'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.
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. Construction workers work on a construction site on Flatbush Avenue on July 22, 2022 in the Flatbush neighborhood of the Brooklyn borough in New York City.Recessions are technically defined by two consecutive quarters of negative economic growth and are characterized by high unemployment, low or negative GDP growth, falling income and slowing retail sales, according to the National Bureau of Economic Research , which tracks downturns.
The report showed that consumers are spending far less than they were in the winter, with the personal consumption expenditures climbing by just 1% for the period as high inflation persisted and eroded Americans' purchasing power.
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