Recession or Not, the Recovery Has Ended
July 30, 2022
Whether a recession is eventually declared, the message from the latest economic data is just as sobering: The recovery is, effectively, over.
To be sure, the second-quarter decline in inflation-adjusted gross domestic product was a bit misleading. Inventory destocking explains all of the decline, as it did for the first-quarter drop in GDP. Employment is still growing.
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