Washington: Another decline in the American economy. In three months, the economic growth recorded a decrease of 0.9 percent. The National Bureau of Economic Research has indicated that the United States is entering a recession. President Joe Biden said that economic growth in the country is slow, but there is no need to worry.
The US went through a month where it witnessed the highest inflation in four decades. The US central bank has raised interest rates twice in a row to curb inflation. The country is experiencing high inflation since 1980. The prices of groceries, petrol and other essentials are high in the country. Even America’s social media giants are planning to cut new hires.
But President Joe Biden said that unemployment during the Covid era is being resolved and challenges can be overcome.