Bad news about America’s economy continues to flow during Joe Biden’s term as president.
On Friday, the Bank of America said America’s Gross Domestic Product is not expected to grow during the April-June quarter of 2022, according to Breitbart.
The previous estimate was for 1.5 percent growth.
Bank of America, the nation’s second-largest bank by assets, said a decrease in consumer spending that was reported Thursday triggered the updated prediction.
“This was the first fall in consumer spending this year amid high inflation and hawkish hikes by the Fed, indicating a slightly weaker economy than previously assumed,” the bank’s economists wrote in a note to clients.
Optimism hadn’t exactly been flowing earlier in the month, when, according to Reuters, Bank of America economists increased their prediction of a recession next year to 40 percent.
“Our worst fears around the Fed have been confirmed: they fell way behind the curve and are now playing a dangerous game of catch up,” wrote Ethan Harris, the bank’s head global economist.
Thank BIDEN !!!!!!
Hello? Prices are high on everything. The majority is middle to lower class. A small minority continues to spend.
Of course there is no growth and there will be minimal if any growth the rest of the calendar year. Back to school shopping won’t be there, fall, holidays, etc – nada.
Its hunker down time to allow the economy to reset and the reset will get us ready by Spring 2023.