Go to Knowledge: US Economy Shrinks: Enters Technical Recession and Top Financial News of July 29

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It’s the last Friday in July, wait, already?! It’s time to catch up on today’s biggest financial stories. See you in August!

The big takeaway: The US economy shrinks for the second consecutive quarter as it enters a technical recession

Real gross domestic product (GDP) fell 0.9% in the second quarter, according to the Bureau of Economic Analysis (BEA), following a 1.6% drop in the first quarter. This turn of events would technically mean that the economy is in recession. However, whether or not we’re already in recession depends on who you ask.

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Business Highlight: How inflation could force Walmart to discount more items

In a year of historically high inflation, Walmart is going in the opposite direction by cutting prices on certain items. The retailer is expected to drop prices on clothing, electronics, toys and other general merchandise items.

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This is scary: How to handle the impending candy shortage this Halloween

A Reuters report warned that Halloween 2022 could suffer a candy shortage due to supply chain issues, according to Hershey’s statements. And thanks to inflation, expect Halloween candy to be more expensive than ever this year.

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Bonus: Has the pandemic hurt your credit score?

If your credit score has declined over the past two years, it may be tempting to blame the COVID-19 pandemic. But based on the available data, the pandemic might not have played such a big role.

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About the author

Heather Taylor is a senior finance writer for GOBankingRates. She is also the lead writer and brand mascot enthusiast for PopIcon, Advertising Week’s blog dedicated to brand mascots. She has been featured in HelloGiggles, Business Insider, The Story Exchange, Brit + Co, Thrive Global and more media outlets.

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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!