But Economy Is Not in Recession
- Real GDP declined 0.9% at an annualized rate in the second quarter, following a 1.6% decline in the first quarter.
- The U.S. economy does not meet the NBER definition of recession in mid-2022.
- Consumer spending continued to rise in the second quarter. It was offset by declines in inventories, housing investment, government spending, and business investment.
- Inflation remained high in the second quarter, with the GDP price index up 8.2% annualized. The personal consumption expenditures price index increased 7.1%, with the core PCE price index up 4.4%.