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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 second quarter of 2022, the gross domestic product experienced negative growth for a second consecutive quarter, leading many to claim the economy is in a recession.
However, other signs of the economy 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 gasoline, food and electricity 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.