<story><title>US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)</title><url>https://www.bea.gov/news/2022/gross-domestic-product-second-quarter-2022-advance-estimate</url></story><parent_chain><item><author>partiallypro</author><text>I personally think we&amp;#x27;re in recession and the reason is datapoints outside of this GDP print, what companies are saying, and the fact I know people that have been laid off already. What I find pathetic is that saying we are in a recession is now a political stance.&lt;p&gt;I think we all know that if a Republican were President the entire narrative would shift, with most of the press saying we&amp;#x27;re in recession while Fox, etc would say unemployment is still low which is what matters.&lt;p&gt;How did we get to a point where actual data can be outright denied or absorbed based on your political viewpoint? It&amp;#x27;s really pathetic. People will go to the ends of the earth just to protect politicians. Worse, even if we&amp;#x27;re in recession it&amp;#x27;s pretty mild, so I don&amp;#x27;t even know why there is so much handwringing about it.</text></item></parent_chain><comment><author>mywittyname</author><text>I agree that we are in a recession.&lt;p&gt;&amp;gt;How did we get to a point where actual data can be outright denied or absorbed based on your political viewpoint?&lt;p&gt;Because the actual data is sending mixed signals.  People equate recessions with job losses, but job growth is still high and unemployment remains incredibly low.  Businesses equate recessions with reduced demand for goods and and services, yet demand remains strong enough to push prices and profits to record levels.&lt;p&gt;GDP has long been criticized for being a poor metric for the economy.  But it&amp;#x27;s always been correlated enough with overall economic sentiment that it was Good Enough.  It looks like we&amp;#x27;ve finally gotten ourselves into a situation where  the edge case issues with GDP surface.&lt;p&gt;Lastly, not everyone feels recessions the same.  I was one of those people who benefited from the financial crisis, because I kept my job and lived in an apartment, so my income was going up while my costs went down.  That doesn&amp;#x27;t take away from the devastation it caused to other people.</text></comment>
<story><title>US Gross Domestic Product, Second Quarter 2022 (Advance Estimate)</title><url>https://www.bea.gov/news/2022/gross-domestic-product-second-quarter-2022-advance-estimate</url></story><parent_chain><item><author>partiallypro</author><text>I personally think we&amp;#x27;re in recession and the reason is datapoints outside of this GDP print, what companies are saying, and the fact I know people that have been laid off already. What I find pathetic is that saying we are in a recession is now a political stance.&lt;p&gt;I think we all know that if a Republican were President the entire narrative would shift, with most of the press saying we&amp;#x27;re in recession while Fox, etc would say unemployment is still low which is what matters.&lt;p&gt;How did we get to a point where actual data can be outright denied or absorbed based on your political viewpoint? It&amp;#x27;s really pathetic. People will go to the ends of the earth just to protect politicians. Worse, even if we&amp;#x27;re in recession it&amp;#x27;s pretty mild, so I don&amp;#x27;t even know why there is so much handwringing about it.</text></item></parent_chain><comment><author>rockemsockem</author><text>I&amp;#x27;ve seen the word recession thrown around plenty in the press; who&amp;#x27;s avoiding saying it?&lt;p&gt;As pointed out by another commenter the NBER has never failed to declare a recession after two consecutive quarters of GDP reduction. This is a preliminary report, I would expect them to wait for the full report to actually declare it.&lt;p&gt;These things work a certain way. Whether that way is good or bad isn&amp;#x27;t relevant to this particular point, by expecting that way to change on a whim you&amp;#x27;re just being impatient.</text></comment>