U.S. Economy Falls Into Recession According to Definition Everyone Agreed on Until a Week Ago

The GDP data is in, and the U.S. economy contracted for a second straight quarter in Q2 2022, meeting the definition for what everyone agreed was the technical definition (and dictionary definition) of a recession until the Biden administration decided they didn't want headlines about a recession on their watch. 

According to Fox Business: 
Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.9% on an annualized basis in the three-month period from April through June, the Commerce Department said in its first reading of the data on Thursday. Refinitiv economists expected the report to show the economy had expanded by 0.5%. 

Economic output already fell over the first three months of the year, with GDP tumbling 1.6%, the worst performance since the spring of 2020, when the economy was still deep in the throes of the COVID-induced recession.