U.S. Seen Narrowly Averting Back-to-Back Contractions

“The US economy may have eked out modest growth in the second quarter, skirting back-to-back quarterly contractions, but rising at a tepid enough pace to feed concerns of an eventual downturn,” Bloomberg reports.

Fed chairman Jerome Powell told CNBC that he does not think the U.S. is currently in a recession: “There are too many areas of the economy that are performing too well. This is a very strong labor market… It doesn’t make sense that the economy would be in a recession with this kind of thing happening.”