While top US economists argue over whether the Biden economy is in a recession or not, more bad news shows the economy is in a free fall.
We reported moments ago on the group in Boston who has the job of determining whether the US is in a recession or not.
News coming from manufacturers and service providers shows more evidence that Biden’s economy is falling.
US business activity contracted in July for the first time in more than two years as manufacturers and service providers signaled sluggish demand that only adds to heightened recession anxieties.
The S&P Global flash composite purchasing managers output index slid 4.8 points to 47.5, the weakest reading since May 2020, the group reported Friday. Outside of the early months of the pandemic, the July figure is the weakest in data back to 2009. Readings below 50 indicate contraction. The new orders gauge expanded modestly after contracting the previous month.
The determination of whether the US is in a recession should be easy for the top economists to determine. Biden’s economy is not Trump’s economy. It’s the opposite.