A ‘rolling recession’ or a ‘richcession’ might spare the US economy from a full-scale downturn

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The Associated PRess

WASHINGTON (AP) – Despite more than a year of widespread warnings that a recession was near, America’s economy is, if anything, accelerating.

The government estimated Thursday that the economy expanded at a solid 2.4% annual rate in the April-June quarter, an unexpected pickup from the 2% pace in the first quarter.

The latest snapshot of the economy coincides with rising sentiment that it may achieve an elusive “soft landing.”

Analysts point to two trends that might help stave off an economic contraction. Some say the economy is experiencing a “rolling recession,” a circumstance in which only some industries shrink while the overall economy manages to stay above water.

Others think the nation might have experienced what they call a “richcession.”

Read the full story on AP News right here.

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7/27/2023 9:39:35 AM (GMT -5:00)

Categories: Regional and US News