Is the U.S. in a recession?
The question is difficult to answer given the myriad indicators that make up the nation's economic outlook. In the fourth quarter of 2022, the gross domestic product grew by 2.9 percent—exceeding analysts' expectations and continuing the third quarter's rebound following a six-month slump over the first two quarters of the year.
Other signs of the economy also remain strong, including low unemployment and rising wages. Job openings and the number of workers quitting have remained elevated for months, while layoffs and discharges remain relatively low.
Inflation is another key aspect, which has caused disruptions across the economy as the cost of food, electricity and utilities has seen double-digit year-over-year increases.
All of these factors also vary by state, as the effects of the Great Resignation continue to develop.