In Denial: White House Economist Says Data ‘Inconsistent’ With Recession
View Source | July 28, 2022 2:08 pm
- White House economist Jared Bernstein on Thursday said the U.S. is not in a recession after the second quarter GDP report revealed the U.S. economy shrank once again in Q2.
- The Commerce Department announced Thursday morning that U.S. GDP shrank 0.9% in the spring quarter, the second consecutive quarter, thus meeting the widely accepted criteria for a recession.
- Bernstein says the issue is more nuanced and that current economic data on job growth, consumer spending and industrial production prove otherwise.
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