What is a recession, and are we in one now? Today I’m flying solo to talk about the US economy, its current state, and what to expect during the second half of the year.  A recession is generally characterized by negative gross domestic product (GDP), rising unemployment, falling retail prices, and contracting measures of income and manufacturing lasting months or years. Recessions are often classified as two consecutive quarters of plummeting GDP growth, which the US economy is currently experiencing.  GDP fell at an annual rate of 0.9% in the second quarter this year, following the last quarter’s decline of 1.6%.  But before we talk about these figures, let’s take a step back and look at the four to five consecutive quarters with the most significant revenue growth in the last 15 years.  US real GDP rose at an annual rate of 6.9% in the fourth quarter of 2021, following a 2.3% growth in the third quarter, a 6.7% pace in the second quarter, and a 6.3% increase during the first quarter of the same year.  Despite the two recent negative quarters, we need to look at the numbers and what they represent. Moreover, a negative GDP growth rate does not necessarily connote that the economy is entering a recession. In this episode, you will learn about the US economy, GDP, recession, and why running a country is similar to running a business.  Here are some of the things I get into: The real GDP growth in the US for the first two quarters of 2022.  The definition of recession. How economists determine whether the economy is in a recession.  Why we need to look at the data and consider the previous quarters. Why a negative GDP does not indicate a recession. You can also stream it on: iTunes: https://podcasts.apple.com/us/podcast/the-greatness-machine/id1555334180  Spotify: https://open.spotify.com/show/0Vbu3kqMBgfGnu3vMyW5pd?si=f46b738ce5fb4217  Grab a copy of The Core Value Equation book here: https://therealdarius.com/book-order/  Learn how to leverage my proprietary and simple ScaleMAP Method Frameworks here: https://www.dariusclass.com/training-video  Enjoy the show, and don’t forget to spread greatness to the world! Peace, Darius Learn more about your ad choices. Visit megaphone.fm/adchoices