US economy suffering a mild downturn vs. 10 other periods of consecutive GDP contractions.
However, let’s note we’ve had no decision from the “official” arbiters of U.S. recessions. That’s a group of private-industry analysts from the National Bureau of Economic Research who’ll review a wide range of business stats in the coming months.
So, let’s look at 2022’s “whatchamacallit” with history-colored glasses. You’ll see common themes such as inflation, international tensions tied to energy,We also learn that this year’s economy — January through June — suffered a mild stumble compared with 10 other periods of consecutive GDP contractions.The first half’s 3.7% unemployment rate ranks second-lowest of the 11.
Jobs grew at a 4.5% annual rate, the best performance among these consecutive contractions. Jobs were flat on average vs. the year-ago period in the other 10 double-dips.Let’s not forget 2022’s inflation problem. The 8.3% average so far this year is the fourth-worst of the double-dips.Let’s take a stroll down Memory Lane and the previous 10 double-dips.
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