On Thursday, the U.S. Bureau of Economic Analysis’ (BEA) first estimate of the nation’s gross domestic product was worse than the predicted expansion of 0.5%, FXStreet noted. Economists widely define a recession as two consecutive quarters of negative growth.
“The decrease in real GDP reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by increases in exports and personal consumption expenditures (PCE),” the BEA explained. “Imports, which are a subtraction in the calculation of GDP, increased.”
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White House economic advisor Brian Deese has claimed that a recession is not universally