The U.S. gross domestic product (GDP) shrank again in the second quarter. President Biden today worked to ease voters' concerns about the state of the economy, saying that economic growth comes as the Federal Reserve (Fed) takes action to curb inflation The slowdown is not surprising.
The U.S. Department of Commerce announced today that after inflation and seasonal adjustment, GDP shrank at an annual rate of 0.9% in the second quarter, continuing the 1.6% contraction in the first quarter.
Reuters reported that Joe Biden said in a statement: "While the Federal Reserve takes action to curb inflation , the economic slowdown is not surprising. We are on the right path and we have experienced After the transition period, it will be stronger and more stable."
Although GDP has fallen for two consecutive quarters, which meets the standard definition of a recession, the White House said that because consumer spending and the job market remain strong, the current situation is still far from meeting the conditions of a broader recession. Not even close.
The United States will hold mid-term elections on November 8. The Democratic Party’s control of Congress is at stake, and concerns about the economy have become Biden’s primary policy focus.
According to a Reuters/Ipsos poll, Biden's approval rating has fallen to a new low of 36%. With the prices of groceries, natural gas, and housing rising, voters are most concerned about the economy.
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