GDP Report

FILE - An American flag adorns the facade of the New York Stock Exchange on June 29, 2022, in New York. Stocks are opening broadly higher on Wall Street Tuesday, July 19, 2022, as more earnings reports roll in from U.S. companies. (AP Photo/Julia Nikhinson, File)

GDP report signals America in recession

The looming GDP report has been released and shows another contraction in the second quarter. The Bureau of Economic Statistics revealed the national GDP shrank by 0.9 percent. This marks the second straight quarter of decline, further fueling fears of a recession.

FILE - Pedestrians pass the New York Stock Exchange on July 14, 2022, in New York. The U.S. economy is caught in an awkward, painful place. A confusing one, too. Growth appears to be sputtering, home sales are tumbling and economists warn of a potential recession ahead. But consumers keep spending, businesses keep posting profits and the economy keeps adding hundreds of thousands of jobs a month. (AP Photo/John Minchillo, File)

Biden admin. dismisses recession concerns ahead of looming GDP report

The White House has continued to play off concerns of recession. Both the President and his aides insisted Monday that their administration does not believe the economy will hit a recession despite widespread inflation. Their dismissal came ahead of the GDP report to be released this week, which will show whether the US has experienced two consecutive quarters of shrinking.