The U.S. economy may already be in a recession according to the Atlanta Federal Reserve's GDP tracker, which shows negative growth for the second quarter.
If further readings confirm that the economy did, indeed, shrink in Q2, the technical criteria for a recession will be met, which is defined by two consecutive quarters of negative growth. However, the National Bureau of Economic Research is the authority that makes the official determination.
Traders work on the floor of the New York Stock Exchange NYSE in New York, the United States, June 16, 2022.Some economic slowdown was expected as the Federal Reserve began implementing interest rate hikes earlier in the year in an attempt to cool inflation, which reached a four-decade high in May. Jerome Powell, chairman of the US Federal Reserve, listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Thursday, June 23, 2022.
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