Top Economist Issues Warning as US GDP Declines Again

Jessica Beatty
By Jessica Beatty
July 30, 2022Recessionshare

Former Obama official Mohamed El-Erian told CNBC Thursday that the latest GDP numbers show the U.S. economy is weakening much faster than most people expected.

He added on Twitter that with an “unfavorable miss on jobless claims” combined with the negative GDP, there is a risk of “deepening stagflation and flashing red recession.”

Meanwhile, lawmakers react to the surprise new spending deal reached by Senate Democrats.

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