The U.S. economy unexpectedly shrank for a second quarter in a row this year, according to data released Wednesday, signaling the start of a technical recession even as economists predict signs of a slowdown will only grow in the coming quarters.
economists, Quinlan isn’t convinced economic indicators last quarter were indicative of a current recession, but he warns the economy is slowing and"it is starting to feel like [entering one]The data comes one day after Federal Reserve Chair Jerome Powell downplayed the significance of early GDP figures, which can be revised"significantly,” and said, “It doesn't make sense that the economy would be in recession” given the labor market's strength in the first half of the year,...
Stocks ticked down immediately after the economic release, with the S&P 500 trading down about 0.3% by 8:40 a.m. EDT, while the tech-heavy Nasdaq fell 0.7%.Though economist projections continued to call for a return to growth in the second quarter, the Federal Reserve Bank of Atlanta’s GDPNow model late last month began signaling the start of a technical recession, pushing its GDP forecast into negative territory after economic data showed consumer spending dropped in May.
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