Strange times. It's been a while since economists, at least the TV economists, have been so divided about whether or not the US is headed for a recession. https://www.cnbc.com/2022/07/08/jobs-report-june-2022-.html
GDP shrunk in q1 so we may very well be an unpublished q2 gdp report away from already being in a recession and not knowing it. But does it really matter on the margin other than for emotional reasons? Inflation is rampant, retail sales are down, the housing market is cooling (and interest rates have jumped 300+ basis points on home loans), oil prices have come down a little but gas is still $5 a gallon, start up funding is back to pre-covid levels, imports have dropped because consumer demand is down and consumer confidence has fallen off a cliff. Oh, and the S&P is down almost 20% for the year. Is an economy that grew slightly in the 2q going to change all that? If all those other things level off, the economy will be fine.
The right continues with their desire for the economy to fail. Guess all those PPP loans the “job creators” got for free is holding them over.
