The Atlanta Fed is forecasting a steeper contraction for the second quarter.
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is -2.1 percent on July 1, down from -1.0 percent on June 30. After this morning's Manufacturing ISM Report On Business from the Institute for Supply Management and the construction report from the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth decreased from 1.7 percent and -13.2 percent, respectively, to 0.8 percent and -15.2 percent, respectively.
Time to end the wait and call the technical recession. Because that's where we are.
I am pretty sure the answer to a recession is a lockdown.
We are screwed in the short-term and the long-term and I fear this is the start of the end, since Biden is calling for China sanctions. Don't need modeling when the world economy implodes.
More terrible news!
Thanks, PNK, this is actually worse than terrible.