Economy
Data Confirms U.S. In Recession
On Thursday morning, the Bureau of Economic Analysis confirmed what we have been writing about for over a month – the first estimates of Q2 GDP came in at -0.93%, far below the +0.50% consensus forecasts. While this was an improvement over Q1’s GDP figure of -1.60%, this is still the second consecutive quarter of negative GDP, and therefore, confirms that we have been in a recession well before July.