Treasury Secretary Janet Yellen speaks Thursday at a news conference on the state of the U.S. economy.
Yellen’s comments follow news that the U.S. economy contracted for the second consecutive quarter from April to June, according to an advance estimate from the Bureau of Economic Analysis. Gross domestic product declined 0.9% at an annualized pace for that period. The economy shrank by 1.6% in the first quarter.
Though many people interpret two back-to-back negative GDP readings as a recession, the National Bureau of Economic Research is the organization in charge of making that determination. Multiple factors, including nonfarm payrolls and real personal consumption expenditures, weigh into whether the NBER would call a recession. It could be months before NBER makes a judgment.
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