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As the AtlantaFed notes, "The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is -1.0 percent on June 30, down from 0.3 percent on June 27. After recent releases from the US Bureau of Economic Analysis and the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth decreased from 2.7 percent and -8.1 percent, respectively, to 1.7 percent and -13.2 percent, respectively, while the nowcast of the contribution of the change in real net exports to second-quarter GDP growth increased from -0.11 percentage points to 0.35 percentage points."
An economic depression is a period of sharp and sustained decline in economic activity that typically includes negative gross domestic product growth and a substantial rise in unemployment, poverty and homelessness.
During economic depressions, the stock market drops significantly, and there is a large uptick in personal and business bankruptcies.
There is no universal definition of an economic depression, but some commonly used criteria include more than a 10% drop in GDP, around a 20% unemployment rate and a prolonged economic downturn that lasts more than one or two years.
originally posted by: JinMI
a reply to: firerescue
Insolvency is getting close at this rate.
I hope all the ATSers are taking measures to mitigate the impending effects.
originally posted by: firerescue
The Obama year (2009 - 2017) experienced a cumulative total growth of only 2.9%, the only president who had not experienced a growth of 3 % for his term