The jobless rate is at a record low of 3.6%, but consumer prices are up 9.1% as of June 2022. Are we officially in a recession? That depends on who you ask.
“It suggests, overall, the economy is weakening, it’s certainly losing steam, where there are storm clouds not only on the horizon but we’re entering them right now,” said James W Hughes, dean emeritus of the Edward J Bloustein School of Planning and Public Policy at Rutgers University. “But I don’t think it’s clear whether we’re in a recession right now.”