Politicians and pundits can’t seem to agree about whether the U.S. is in a recession, but the semantics matter little for struggling Americans. Illinois can expect economic pain regardless of what it’s called.
It may be a recession based on data released July 28, or it may not be, but Illinois is in for a rough ride.
The national economy shrank by 0.9% during the second quarter of 2022, according to preliminary data released July 28 by the U.S. Bureau of Economic Analysis. The decrease in gross domestic product was driven by declines in private inventory investment, residential fixed investment, government spending and nonresidential fixed investment. Exports and personal consumption expenditures increased during the quarter, partially offsetting the decline of other components.