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GDP grew at a 2.4% pace in the second quarter, topping expectations despite recession calls (www.cnbc.com)

submitted 1 year ago* (last edited 1 year ago) by negativenull@negativenull.com to c/usnews@beehaw.org

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Gross domestic product rose at a 2.4% annualized pace in the second quarter, topping the 2% estimate.

Consumer spending powered the solid quarter, aided by increases in nonresidential fixed investment, government spending and inventory growth.

A Commerce Department inflation gauge increased 2.6%, down from a 4.1% rise in Q1 and well below the estimate for a gain of 3.2%.

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[–] Powderhorn@beehaw.org 2 points 1 year ago (1 children)

The "recession calls" were manufactured bullshit from the beginning to make labour feel insecure and amplified by what I'd considered upstanding news outlets. The Washington Post's "why aren't we in a recession" series a while back led to my decision to cancel my subscription when it comes up this fall.

Always remember that recessions siphon yet more money from labour to capital. Those foreclosures? Hedge funds buy them to lower housing stock ... they're not going to a new first-time homeowner.

[–] Zapp@beehaw.org 2 points 1 year ago

Bingo. Unionization is on the rise, so expect unending "economic collapse" headlines regardless of what is happening in the economy.