“This Is an Economy that is Weakening at Much Faster Rate than Most People Expected” – Top Economist El-Erian Reacts to Latest Drop in GDP (VIDEO)

US RECESSION WATCH —  Second Quarter GDP comes in at negative 0.9%.

Joe Biden on Monday straight up denied the US is going into a recession. He was wrong.

“We’re not gonna be in a recession in my view,” Biden said rattling off his talking points that the US is going to go from “rapid growth to steady growth.”

The GDP shrank by 1.6 percent in the first quarter of 2022. The second quart GDP released today was minue 0.9 percent.

The historic definition of an economic recession is two consecutive quarters of negative economic growth.

CNBC reported:

Whether the U.S. skirts recession will mostly rest in the hands of consumers, who accounted for 68% of all economic activity in the first quarter.

Mohamed A. El-Erian is one of the most respected economists on the scene today.

On Thursday El-Erian responded to the negative GDP number for the second quarter.

Mohamed A. El-Erian: “This is an economy that’s weakening at a much faster rate than most people expected… Inflation is not going to come down fast enough given how fast the economy is weakening and that’s going to put the Fed in the same dilemma it’s been in.”

Via Squawk Box.

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Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.

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