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The US GDP Is Negative for the Second Quarter, Might Be an Indicator of Recession

As the recent GDP data shows, the US economy has had a second consecutive quarter of negative growth.

The GDP of the first quarter came out to be around –1.5% and the second one is –0.9%. For many experts, such numbers are a clear sign of recession.

The US President Joe Biden and other government officials deny the claims saying that the strong labor market indicates the stability of the country’s economy. However, as examples of previous years show, recession is often only admitted after it is over.

The news could potentially have a negative impact on the crypto market, although so far major currencies haven’t reacted. As a matter of fact, BTC and ETH have grown by around 10% and 15% respectively in the last 24 hours.

The US GDP Is Negative for the Second Quarter, Might Be an Indicator of Recession

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