No it didn't. Inflation is a real problem right now, but the US economy was still quite robust during the first quarter. An economic contraction is by definition a recession, and the US is certainly not in a recession right now. Could it be later this year? Yes, but unlikely.
I work in the finance industry and am actually a bit tired or hearing people refer to 'these poor economic conditions'. The economy has been red hot since the back half of 2020. Huge amounts of money are flying around and consumer spending is very strong. This combination is why we are now have an inflation problem - too much money in the system. If you want to complain about inflation, I'm with you. Stop blaming a 'poor economy' that doesn't exist.
Thanks Gunnerclone I was going to let it go.I think GDP was -1.4% for 1st quarter.
Thehelgo, I don't really concentrate on how things are in the here and now even though inflation is ridiculous. Most bank and financial analysts are calling for a recession, interest rates are rising, the Fed has made it clear they are raising rates by 50bps at their next meeting and will continue to raise rates which will increase mortgage rates on top of increasing costs which will eventually slow the home building market thus making a recession more likely. I too worked in the finance industry and public accounting as an auditor and have been retired for a few years but still keep track of the economy as it impacts my investments.
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