Principles Economics Please check my answer

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Principles Economics

Please check my answer.

Data on GDP is released on the last Friday of each month, go to www.bea.gov and see what the most recent Real Gross Domestic Product is. . What does the latest available data say about the current rate of GDP growth? Is the economy in a recession or an expansion? Be detailed in your answer and be sure to use economic terms. Respond to at least one other post.

 

I would say that we're not quite in a recession; we were recovering from one up until the events of 2020, but the previous two quarters (Q2, Q3) appear to reflect the decline and subsequent recovery of real GDP during the pandemic. Given that the advance estimate shows an increase in real GDP, this indicates that the recovery is either: ongoing, or: that the economy has recovered sufficiently to allow real GDP growth to continue along its earlier trend of between 2 to 5% growth per quarter. This is not to say that a recession is out of the question, however: As established before, the U.S. economy was still recovering from a recession when the pandemic hit, and it's entirely possible that aftershock effects related to the causes for the sudden 'stop' in GDP growth in 2020 might present themselves and push the economy into another recession.