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Treasury Secretary Janet Yellen speaks at a press conference on the state of the US economy on Thursday.
Yellen’s comments follow news that the US economy contracted for a second straight quarter from April to June, according to an advance estimate from the Bureau of Economic Analysis. Gross domestic product decreased by 0.9% at an annualized rate during this period. The economy contracted by 1.6% in the first quarter.
Although many people interpret two consecutive negative GDP readings as a recession, the National Bureau of Economic Research is the organization responsible for making this determination. Several factors, including nonfarm payrolls and real personal consumption expenditures, weigh in on whether the NBER would call a recession. It could be months before NBER makes a judgment.
Read more:
GDP fell 0.9% in the second quarter, the second straight decline and a strong sign of recession
The economy may appear to be in recession, but we don’t know for sure yet
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