CNN article admits US is in a recession, but only by ‘one definition’

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CNN reports that 72% of economists believe U.S. is either in or about to be in a recession

CNN reporter Matt Egan detailed a survey that showed 72% of economists believe the U.S. is in or will soon be in a recession.

A CNN Business article has admitted that the latest GDP reading confirms that the U.S. is currently experiencing a recession, but only by "one definition."

Acknowledging that the U.S. economy shrank by 0.6% during the second quarter of 2022, the piece by Alicia Wallace noted the economy was in "contraction" for the entire first half of the year.

"The latest scorecard on the economy may reignite the debate as to whether the United States has been in a recession, commonly defined as two consecutive quarters of negative growth. Some economists and policymakers have rebuffed claims of an early 2022 recession, citing robust job growth, consumer spending and manufacturing," Wallace wrote. 

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The piece also quoted Gus Faucher, a chief economist for the PNC Financial Services Group, who wrote that the latest data on DFP and gross domestic income "indicate a weaker US economy" than what was initially reported before the latest data had arrived. 

Wallace also spoke with PNC’s assistant vice president and senior economist, who told CNN Business that the U.S. economy will see "significant slowing" in sectors such as housing and business investments in the near future.

"The worldwide outlook is even more dour: There’s a 98.1% chance of a global recession, according to a probability model run by Ned Davis Research, which highlights Russia’s war in Ukraine and central banks’ drastic rate hikes to tamp down inflation," Wallace added. 

The only other time the recession model was this high was during the onset of the COVID-19 pandemic and the 2008 global financial crisis, and that is before the first estimate for the third quarter of GDP set to be released at the end of October. 

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Liberal media outlets have attempted to spin the current recession in numerous ways since it was revealed that the U.S. economy has met the standard definition, based off two consecutive quarters of negative growth.

Outlets like Politico, CNN and MSNBC have regurgitated White House talking points that attempted to redefine recession in recent months, abandoning the traditional definition they once embraced. 

On Wednesday, The Washington Post published a listicle providing "7 ways a recession could be good for you financially."

"…as bad as things are — rising interest rates, high inflation, stock market tumbling — the economy hasn’t imploded as it did during the Great Depression," columnist Michelle Singletary reassured readers. 

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Yet, the media’s insistence that no recession exists does not seem to be accepted by the public. 

According to an NBC News poll released in late August, 68% of individuals believe the economy is currently in a recession, while only 27% believe it is not.

Fox News’ Aubrie Spady contributed to this report.