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The US GDP growth rate in the second quarter was -0.9%.
Fears of a recession are growing as the economy recorded negative growth in the second quarter in a row following the first quarter, but President Biden reiterated that it is not a recession.
Correspondent Kim Jong-won from New York.
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The US gross domestic product (GDP) in the second quarter was found to have contracted by -0.9%.
It met the so-called 'technical recession' criterion with negative growth for two consecutive quarters following -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. I also heard it as the basis for maintaining 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 prevails that the US economy will soon plunge into a recession, with companies cutting back on hiring amid the Fed's rapid rate hike.
Consumption in the United States 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.