Is there a recession in US?

The U.S. economy shrank in the last three months by 0.9%.

U.S. economy shrinks for 2nd straight quarter, raising fears of a recession

The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.

Commerce Department data this week found the U.S. economy shrank for a second quarter in a row, sparking a new debate about whether the nation is in a recession.

This is the second consecutive quarter where the economy has contracted. In the first quarter, GDP, or gross domestic product, decreased at an annual rate of 1.6%.

Negative growth in two consecutive quarters fulfills a common definition for a recession — and it’s the official way of making such a call in some countries.

But it’s not in the U.S., where a relatively under-the-radar group - NBER Business Cycle Dating Committee - is in charge of making an official call on whether the country is in a recession.

“It actually looks at a wide variety of economic indicators to make that designation,” said Alex Durante, an economist with the Tax Foundation think tank.

“They look at employment, personal income, durable goods, and housing permits - so the GDP is certainly part of it, but they’re looking at other indicators, as well.”

Employment is one factor that is crucial in looking at today’s economy. The job market in the U.S. is red hot, even as the Commerce Department has found the economy to have shrunk the last 2 quarters.

This year's first and second quarters recorded decreasing real GDP, prompting talk of a possible recession. The data is subject to further revision.

Despite a hot inflation report

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