According to predictions made by economists, the economy hardly expanded in the second quarter, and some predict that it even shrank.
The first quarter’s fall of 1.6 percent was followed by the expectations for slow growth.
However, there are several predictions for a contracting economy, like the GDP Now tracker from the Atlanta Fed, which predicts a second-quarter decline of 1.2 percent.
Jerome Powell, the head of the Fed, stated this week that he does not think the economy is in a recession.
Prior to the release of the second-quarter reports this week, some analysts upped their predictions after the monthly durable goods report exceeded expectations and early trade data revealed a considerable reduction in the trade imbalance.
Following the release of the data, economists at Goldman Sachs increased their projection for the gross domestic product to 1 percent from 0.4 percent.
