The U.S. economy continues to struggle under the Biden administration as the Dow Jones Industrial Average fell below 30,000 for the first time since January 2021.
Skyrocketing inflation and an aggressive interest rate hike from the Federal Reserve are having a major impact on the market.
The Dow, which tracks 30 large public companies trading on American exchanges, hasn’t dropped this low since the time Biden entered office on January 20, 2021.
The U.S. economy shrank at an annualized 1.5% pace during the first quarter of 2022.
This severe drop may be the beginning of a recession. A recession is defined as two consecutive quarters of negative growth, according to the U.S. Bureau of Economic Analysis.
Numerous polls indicate that business leaders believe the economy will shrink further.
Over 59% of executives in the sector said inflationary pressures “make a recession more likely in the next 12 months,” according to the National Association of Manufacturers’ most recent Manufacturers’ Outlook Survey.
Over 90% of business leaders said higher raw material costs is one of their “primary business challenges.” READ MORE...
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