U.S. GDP Update: Economy Enters Technical Recession Under Biden The latest:
GDP for Q2 -0.9 percent, the U.S. Bureau of Economic Analysis has announced.
It defines a recession as a significant decline in economic activity over more than a few months, which is assessed using several indicators, including the labor market, consumer and business spending, industrial production, and incomes.Today's GDP report comes as Democrats are seeking to quickly pass a $739 billion inflation-fighting package though Congress.
The Inflation Reduction Act of 2022 sets aside $369 billion for climate change and energy spending, and aims to cut federal spending on prescription drugs by $288 billion by allowing Medicare to negotiate prices with pharmaceutical firms.
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