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Economic Commentary

A second consecutive quarter of real GDP declines, while job growth accelerates

August 16, 2022
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Highlights from the Monthly Review for August 2022:

Real GDP growth has been negative for two consecutive quarters, the usual rule-of-thumb for determining recessionary periods. But several other higher frequency economic indicators, including July’s blowout jobs report, suggest that the U.S. is not currently in a downturn. Elsewhere, inflation continues to run extremely hot, but healing supply chains provide hope that the supply side of the economy could soon aid in slowing price growth.

Economic Review

  • A second consecutive quarter of real GDP declines, while job growth accelerates (pg 4)

Financial Markets

  • Positive data allow markets to storm ahead (pg 5)

The Outlook

  • What’s next for GDP? (pg 6)

Job surge points to no recession: View the full report to learn more:

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