Amid sky-high inflation and consecutive rate hikes, the U.S. GDP slumped 0.9% in the second quarter, following a 1.6% contraction in the first quarter. However, many, including President Biden, have refused to tag this as a recession as of now. He said, “If you look at our job market, consumer spending, business investment, we see signs of economic progress in the second quarter, as well.”
On the other hand, July was the best month for Wall Street investors since November 2020, with the S&P 500 gaining 9.1% in the month. The market was buoyed by large companies posting better-than-expected financial results.
