Economy US GDP shrinks 0.9%, 2nd straight negative quarter

[SBJJ]

Wife is a manager at Costco. Sales have dropped significantly the last 3 weeks. First time in years they are cutting hours. Layoffs are being discussed.

Couple this with the WMT warning and I fear this landing can be pretty hard.

IF IF IF inflation cools significantly we may not see an extended recession but if it does not cool we are legitimately fucked and could see an actual depression.

 

[Diogenes of Sinope]

Hack Savage,

Upset I didnt think of this first

 

[Jack V Savage]

I'm pretty sure they were on there way up until Corona struck. Skyrocketing maybe not, but they were increasing.

We were starting to approach full capacity, but we wouldn't expect inflation to just spike up as a result. Simple tightening would have been sufficient to keep it under control. What really happened was that people remembered the 2009 response, and the initial numbers understating the strength of the downturn. We got some emergency stimulus initially, and it turned things around, but it wasn't enough to get a full recovery, and additional stimulus was held up by political bullshit. So this time, the policy move was very bold and very effective--but erred in the other direction. That caused excessive demand that put some upward pressure on inflation that was exacerbated by supply constraints, which only got worse with the Russia invasion.

 

[Jack V Savage]

I did not suggest they were not appropriate. But perpetual increasing of the money supply is one of the drivers of inflation.

This doesn't make any sense. The rates were appropriate and weren't sufficient to fill the demand hole, much less drive inflation so why would they drive it later?

 

[Rob Battisti]

In any case, sixty-two millions was no nearer the truth than fifty-seven millions, or than a hundred and forty-five millions. Very likely no boots had been produced at all. Likelier still, nobody knew how many had been produced, much less cared.

Things are so good that things look bad. Things were managed so well, that how we had no idea such a thing could have happened. Things will be addressed so precisely, that you’ll never even know anything happened at all.

 

[DrDune]

Canada is one step ahead. Forget changing the definition, just change the word itself to something more inclusive.

 

[A Very Serious Cat]

Canada is one step ahead. Forget changing the definition, just change the word itself to something more inclusive.

I can't comprehend why he felt that as nessicary, he's not even replacing the man part of a word...

 

[nostradumbass]

Someone pleas explain to me what transitory inflation actually is for any consumer or institution.

It means we're transitioning from 1st world living standards to 3rd world.

 

[My Spot]

And now Wiki changed the definition of recession and locked the article. <Lmaoo>

 

[Rygu]

And now Wiki changed the definition of recession and locked the article. <Lmaoo>

Liberals in the United States have changed or tried to change the definition of the following words in the last few years

Racism
Vaccine
Woman
Recession

They are the laughing stock of the planet Earth.

 

[ShadowRun]

 

[Sano]

I saw this and thought this wouldn't turn out to be right. Lo and behold, visited wiki and this is what they write:

"In economics, a recession is a business cycle contraction when there is a general decline in economic activity.[1][2] Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale anthropogenic or natural disaster (e.g., a pandemic).

Although the definition of a recession varies between different countries and scholars, two consecutive quarters of decline in a country's real gross domestic product (real GDP) is commonly used as a practical definition of a recession.[3][4][5][6] In the United States, a recession is defined by the National Bureau of Economic Research (NBER) as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales".[7] In the United Kingdom and most other countries, it is defined as negative economic growth for two consecutive quarters.[8][9]"
https://en.wikipedia.org/wiki/Recession

It's still there. Took two seconds to debunk that claim. Everything is a conspiracy.

 

[HockeyBjj]

https://www.wsj.com/articles/walmart-lays-off-hundreds-of-corporate-workers-11659558590

[URL]https://www.nbcchicago.com/news/business/money-report/walmart-lays-off-corporate-employees-after-slashing-forecast/2905982/?source=sm_npd_nbc_chi_twt_genChicago-cnbc&_osource=SocialFlowFB_CHBrand&fbclid=IwAR3ZwoW_Z1UPj8ZMIg-yaYq-K1R_oLCiNb7g0Mv3yjnj3FjT9zTkuLw9z6k&fs=e&s=cl#l6fbneq7x0wk52ilsj[/URL]

Walmart laying off 200 corporate employees after revising their next quarter outlook down

 

[Rob Battisti]

https://www.wsj.com/articles/walmart-lays-off-hundreds-of-corporate-workers-11659558590
https://www.nbcchicago.com/news/bus...j3FjT9zTkuLw9z6k&fs=e&s=cl#l6fbneq7x0wk52ilsj

Walmart laying off 200 corporate employees after revising their next quarter outlook down

Honestly — get that CEO on the phone with Jack to tell him it’s NOT a recession. No credible person can say this IS a recession.

 

[CantCucktheTuck]

Two consecutive quarters of negative GDP is now referred to as "The Biden Boom".

 

[White Whale]

Layoffs are already happening for some companies and its likely to increase. This is not a recession it's stagflation and could become a depression.

 

[deadon]

3rd quarter isn't looking much better. That said, bull market! Lol

 

[SandisLL]

Nothing wrong.
Weapons sales are boosting up in all world.
LNG prices are high.

Soon most likely will be high demand for masks, covid and monkeypox tests, vaccines and dezinfectants etc....

Inflation...GDP growth etc....

WHO already is crying about bad monkeypox and expected covid pandemic in autumn- winter.

 

[Rob Battisti]

Nothing wrong.
Weapons sales are boosting up in all world.
LNG prices are high.

Soon most likely will be high demand for masks, covid and monkeypox tests, vaccines and dezinfectants etc....

Inflation...GDP growth etc....

WHO already is crying about bad monkeypox and expected covid pandemic in autumn- winter.

Maybe that winter of death will happen this go round.

 

[PEB]

An just like that people are starting to realize they are not getting that extra 600 or 300 a week in stimulus checks that is good right republicans?