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U.S. Economy Now In A Recession After Second Straight GDP Decline

US gross domestic product shrank 0.9 percent in the second quarter, following a decline of 1.6 percent decline in the first quarter. Two consecutive quarters of shrinking GDP is the classic definition of a recession  

Daily Mail: America goes into RECESSION after second straight quarter of negative growth but Biden insists: 'We are on the right path' 

* US gross domestic product shrank 0.9% last quarter, the Commerce Department said on Thursday 

* It marked two consecutive quarters of GDP decline, the classic and informal definition of a recession 

* But White House has insisted that the alarming data doesn't mean the economy is in a recession 

* Technically, a recession has to be officially declared by private research group's panel of economists 

* 'We are on the right path and we will come through this transition,' Biden said in response to the grim news 

* Critics furiously blasted the administration for 'deflecting blame' and trying to 'redefine a recession' 

President Joe Biden is facing fierce criticism for refusing to acknowledge that America has entered a recession, after the US economy met the classic definition of a downturn by contracting for the second straight quarter. 

The Commerce Department confirmed in a report on Thursday that US gross domestic product shrank 0.9 percent in the second quarter, following a decline of 1.6 percent decline in the first quarter.  

Read more ....  

WNU Editor: President Biden has a different take, saying the economy is "on the right path" .... Biden rejects recession label, declares nation is 'on the right path' despite shrinking economy (USA Today). More here .... Joe Biden denies recession despite GDP decline in consecutive quarters (NYPost). 

U.S. Now In A Recession After Second Straight GDP Decline  

GDP fell 0.9% in the second quarter, the second straight decline and a strong recession signal -- CNBC  

US economy shrinks for a 2nd quarter, raising recession fear -- AP  

US economy contracts again, fueling recession fears -- CNN  

Recession semantics aside, the new GDP numbers are bad -- Axios



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