August 13, 2022
U.S. could already be in recession, according to Atlanta Fed estimate
Sign Up For Our Daily Newsletters Front Page Podcast Commentary Question of the Day After two years of COVID restrictions, are fireworks back in your community for the July 4th holiday? In this photo provided by the New York Stock Exchange, trader Michael Capolino works on the floor, Tuesday, May 31, 2022. U.S. stocks are…

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After two years of COVID restrictions, are fireworks back in your community for the July 4th holiday?

In this photo provided by the New York Stock Exchange, trader Michael Capolino works on the floor, Tuesday, May 31, 2022. U.S. stocks are slipping in midday trading on Tuesday, as Wall Street nears the end of a tumultuous month, bruised by worries about a possible recession, inflation and rising interest rates. (Courtney Crow/New York Stock Exchange via AP)

In this photo provided by the New York Stock Exchange, trader Michael Capolino works on the floor, Tuesday, May 31, 2022. U.S. stocks are slipping in midday trading on Tuesday, as Wall Street nears the end of a tumultuous month, … more >

By Dave Boyer

The Washington Times

Updated: 8: 05 p.m. on
Friday, July 1, 2022

The U.S. could be in a recession, according to a new estimate from the Federal Reserve Bank of Atlanta.

The Atlanta Fed’s GDPNow tracking model on Friday showed that the economy contracted 2.1% in the second quarter, down precipitously from the previous estimate of minus 1%, released just on Thursday.

The U.S. economy contracted at a rate of 1.6% in the first quarter, and the definition of a recession is two straight quarters of negative growth.

Weak economic data has been consistent throughout the year, from record-high inflation to plummeting home sales.

The central bank has raised interest rates by 1.5% since March in response to high inflation, with another rate hike expected later this month.

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