Recession unavoidable as American GDP decreased at an annual rate of 1.6%

Posted on August 1, 2022   |  

• In the first quarter of 2022, US GDP fell at a 1.6% annual rate and is expected to gain 0.4% in the second quarter.
• In recent weeks, gas prices come down by 50 cents (a gallon) and are likely to fall more.
• However, in June, 372,000 jobs were created and the unemployment rate reached 3.6%, which was the fourth straight month of job gains over 350,000.