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NEWS BRIEF: Inflation is here, Atlanta Federal Reserve says

Yes, we are in a recession

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Photo credit: GDP Now
second quarter output to shrink by 2.1 percent

The United States is now in a recession, according to the Atlanta Federal Reserve's economic growth tracker, which forecasts second quarter output shrinking by 2.1 percent. Coupled with first quarter declines of 1.6 percent, the overall decrease technically fits the definition of recession.

“Second-quarter real personal consumption expenditures growth and real gross private domestic investment growth decreased from 1.7 percent and —13.2 percent, respectively, to 0.8 percent and —15.2 percent, respectively,” the Atlanta Fed reported on July 1. Details: atlantafed.org