The US Commerce Department on Thursday announced that the country’s gross domestic product fell for the second consecutive quarter, and President Joe Biden said it “doesn’t sound like a recession”. In most countries, two successive quarters of GDP decline officially qualify as a recession, but not in the United States, where an independent body of eight economists called the Business Cycle Dating Committee makes such a determination.
<!-- wp:html --><p>The US Commerce Department on Thursday announced that the country’s gross domestic product fell for the second consecutive quarter, and President Joe Biden said it “doesn’t sound like a recession”. In most countries, two successive quarters of GDP decline officially qualify as a recession, but not in the United States, where an independent body of eight economists called the Business Cycle Dating Committee makes such a determination.</p><!-- /wp:html -->