Recession fears are mounting in the United States as the Gross Domestic Product (GDP) numbers released yesterday showed the second consecutive quarter of negative growth at -0.9%. This used to be the very definition of a recession, but in recent years the National Bureau of Economic Research (NBER) has adjusted the meaning to reflect more indicators of the economy as a whole and it currently maintains that the US is not in a recession. This is in part because of the exceptionally low unemployment rate, which is at a fifty-year bottom of 3.6%. The declining GDP is attributed to decreases in inventories, residential and commercial investment, and government spending. Over the past few weeks there have been signs that the worst of the economic turmoil is behind us as gas prices and inflation rates are on their way back down while the stock market is starting to recover and the job market remains strong.
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