Despite second quarter GDP slump, many economists maintain US is not in a recession

by JILLIAN SMITH | The National Desk

Sat, July 30th 2022, 3:42 AM UTC

As traders work and watch, a news conference held by Federal Reserve Chair Jerome Powell is displayed at the New York Stock Exchange in New York, Wednesday, July 27, 2022. Stocks on Wall Street are solidly higher in afternoon trading Wednesday after the Federal Reserve raised its key interest rate by a widely expected three-quarters of a point as the central bank ratchets up its campaign to quell surging inflation. (AP Photo/Seth Wenig)

Traders work on the floor at the New York Stock Exchange in New York, Wednesday, June 15, 2022. U.S. stocks are rallying Wednesday and are on track for their first gain in six days. But more turbulence may be ahead when the Federal Reserve announces in the afternoon how sharply it's raising interest rates. (AP Photo/Seth Wenig)

Traders work on the floor at the New York Stock Exchange in New York, Friday, July 1, 2022. Stocks are off to a weak start on Friday, continuing a dismal streak that pushed Wall Street into a bear market last month as traders worry that inflation will be tough to beat and that a recession could be on the way as well. (AP Photo/Seth Wenig)

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As traders work and watch, a news conference held by Federal Reserve Chair Jerome Powell is displayed at the New York Stock Exchange in New York, Wednesday, July 27, 2022. Stocks on Wall Street are solidly higher in afternoon trading Wednesday after the Federal Reserve raised its key interest rate by a widely expected three-quarters of a point as the central bank ratchets up its campaign to quell surging inflation. (AP Photo/Seth Wenig)

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