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The US gross domestic product and GDP growth rate in the second quarter was -0.9%.
Despite the growing fear of a recession with negative growth in the second quarter in a row following the first quarter, President Biden reiterated that it is not a recession.
Correspondent Kim Jong-won from New York.
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It was found that the US gross domestic product and GDP in the second quarter were negative by 0.9%.
It met the so-called 'technical recession' criterion with negative growth for two consecutive quarters following negative 1.6% in the previous quarter.
However, this is different from a real recession, and there is a lot of debate over whether the US economy is really in recession.
President Biden has again struggled to dispel concerns, saying the US economy is on the right track.
[Joe Biden/President of the United States: Federal Reserve Chairman Powell and I, as well as many financial industry practitioners and economists, are saying that it is not a recession.
Just look at the record-strong labor market.] A strong labor market, with
unemployment at 3.6% for the fourth straight month, the lowest in 50 years, and consumer spending that underpins two-thirds of the U.S. economy. It was also based on the fact that it maintained positive growth.
He also emphasized the case of SK, which recently decided to invest 29 trillion won in the US, saying that US manufacturing investment is also active.
However, pessimism is prevailing that the US economy will fall into a recession soon, with companies cutting back on hiring amid a sharp Fed rate hike, and consumption in the US is also accelerating, accelerating these concerns.
The New York Stock Exchange today (29th), however, all three indexes rose, paying attention to the possibility of easing the pace of rate hikes that Fed Chairman Powell mentioned yesterday.