The U.S. economy shrank for a second quarter in a row—a common definition of recession—as the housing market buckled under rising interest rates and high inflation took steam out of business and consumer spending.
Gross domestic product, a broad measure of the goods and services produced across the economy, fell at an inflation and seasonally adjusted annual rate of 0.9% in the second quarter, the Commerce Department said Thursday. That followed a 1.6% pace of contraction in the first three months of 2022.
White House economic adviser Brian Deese said last Tuesday that while U.S. inflation is hurting Americans in their wallets, at least they’re not facing famine like some other countries.
During the White House press briefing, the National Economic Council director argued that the U.S. is not on the brink of a recession and that the state of the economy, which hit a whopping 9.1% inflation rate in June, could be a lot worse than it is currently.
“I think that our economy is more resilient to the types of challenges that we’ve faced. For example, you know, with respect to food, we’re a net exporter of agricultural commodities. And, obviously, the high prices are hitting Americans very hard, but in a way that is different from some places that are facing famine, for example.”
"But I think if you look at the core elements of economic resilience, the United States is better positioned," he added.
当地时间28日，美国总统拜登就美国第二季度GDP报告发表声明，称即使面临着历史性的全球挑战，美国经济“仍走在正确的路上(we are on the right path)”。声明表示，由于美联储正在采取行动降低通胀，因此经济放缓“不足为奇(it’s no surprise)”。
“Coming off of last year’s historic economic growth – and regaining all the private sector jobs lost during the pandemic crisis – it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation.”
“But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure,” Biden said in a statement.
综合彭博社、美国全国广播公司报道，美国财政部长珍妮特·耶伦在28 日讲话中表示，美国国内生产总值（GDP）连续两次下降的数据，并不能证明美国经济已经陷入衰退。耶伦称，真正的衰退是 "经济的大范围疲软"，包括大规模裁员、企业关闭、家庭财务紧张以及私营企业活跃度放缓，而"这不是我们现在看到的"。
Treasury Secretary Janet Yellen said Thursday the U.S. economy is in a state of transition, not recession, despite two consecutive quarters of negative growth.
Recession, Yellen insisted, is a "broad-based weakening of our economy" that includes substantial layoffs, business closures, strains in household finances and a slowdown in private sector activity.
"That is not what we are seeing right now," she said during an afternoon news conference at the Treasury.
Bringing inflation down is a top priority for the administration, Yellen reiterated. Consumer-price gains are “likely to come down in the days ahead,” she added.