The Clap GDP fell for the second straight time in Q2 2022.
The Deets GDP had fallen by 0.9% in Q2 2022, following up from a 1.6% decline in Q1 2022. Mark Zandi, the chief economist at Moody’s Analytics, claims that the US is not in a recession but there is clearly an economic slowdown.
The decline in GDP came from many factors. Some of these factors include decreases in inventories, residential and nonresidential investment, and government spending at the federal, state, and local levels.
Supply chain issues were at the core of the problem and they were magnified by the pandemic and the Russian invasion of Ukraine.
What is GDP? GDP is the broadest measure of the economy and encompasses the total level of goods and services produced during the period.