The U.S. economy contracted for the second straight quarter, falling at an annualized rate of 0.9 percent in the April-to-June period, new data from the Bureau of Economic Analysis (BEA) reveal.
Although the GDP performance meets the definition of a technical recession, many economists and Wall Street firms have not been quick to declare a recession based on the preliminary estimate.
According to Peter Schiff, the president and CEO of Euro Pacific Capital, the way recession has always been defined is two or more quarters of negative GDP.
“This is the first time I’ve ever tried to see people put a spin on it,” Schiff told The Epoch Times….