Economists weigh in on current recession status.

Despite repeated forecasts of a recession, the US economy has been remarkably resilient and has not yet entered a recession. While GDP fell in the first two quarters of 2022, much of the drop was attributed to changes in trade and business inventories. The Federal Reserve's aggressive interest rate hikes have raised concerns of a recession, but households and businesses have historically low debt levels and excess savings to weather high inflation and interest rates. While housing and manufacturing have been sluggish, consumer spending has remained healthy, and employment has stayed strong. Economists still expect a recession in the second half of the year due to the Fed's high interest rates and banks pulling back lending.