Core Report | July 29, 2022

The initial Gross Domestic Product estimate showed that the U.S. economy slid again in Q2. The initial estimate of Q2 GDP came in at a -0.9% annual rate. The decline in initial Q2 GDP came mostly from inventory destocking, along with declines in residential construction investment, government spending, and imports. Historically two consecutive quarters of negative GDP indicate the start of a recession.