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In today's article, the topic of discussion is going to be whether or not the united states is currently in a recession. Now I'm sure many of you have heard in the news lately that the United States is experiencing some economic hardships right now. If you live in the U.S then you have first handily experienced this and can attest to this, I know I can. This has led me to believe that we are in a recession despite what the federal government and the white house are saying. I'm going to explain why we are in a recession so without any more needing to be said let's get into today's article.
Negative GDP reports
As I covered in my last article about the cryptocurrency market The United States has reported yet again another quarter of negative GDP growth. This time coming in at -0.9% with the first quarter losing 1.6%. Bringing the total for negative GDP growth this year so far to -2.5%. The white house has refused to call the last 2 quarters a sign that we are in a recession or even close to coming to one. However other signs are showing that we are indeed in a recession. This leads us to the next topic.
Another key factor at play with the U.S economy is inflation. Inflation has been the main cause of the economic hardships the U.S is experiencing. Now as I'm sure many people want to blame Joe Biden and he is the main problem the united states has been printing dollars at an unprecedented rate since the beginning of the lockdowns in 2020 starting with Donald Trump. But now Joe Biden has kept the inflation rate going and increasing it evermore. The current inflation rate as of writing this article (7/29/22) is 9.1%. The FED has tried to get this under control by implementing interest rate hikes. With the latest set of rate hikes being 75 basis points. This alone indicates that we are heading towards a recession.
Now while many including those in the white house might say that the unemployment rate has been low and is what's keeping us from going into a recession there is another side to that story. So first let's start with youth unemployment in the country. As of writing, this article youth unemployment has increased by 0.3% from last month with last month having a record of 7.8% with July having 8.1%. Second, the overall unemployment rate hasn't moved in the last 4 months staying at a steady 3.6%. Now while a couple of months ago this was okay due to the great resignation and that the job market was still very strong and healthy. Now that is starting to disappear with many companies starting to close hiring due to losses in profit over the last quarter and on top of the fact that many retail companies still have supply issues mainly with being overstocked. However, this isn't happening at a fast or shocking rate which means the job market might still be able to be strong and healthy in the coming months. This however can be what puts us over the edge and might finally have the white house acknowledge that we are in a recession. But If you consider all factors most would agree that we are in a recession right now and that is something I stand behind.
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