Economy shrinks for second quarter in a row, raising recession fears
The US economy has contracted for the second straight quarter, sounding the alarm about a potential recession as the nation grapples with soaring inflation and rising interest rates. The nation’s gross domestic product, the value of all goods and services produced in the US, shrank at a seasonally adjusted annual rate of 0.9% in the April-June period, the Department said Thursday. trade. That followed a 1.6% drop earlier this year. Economists surveyed by Bloomberg had forecast a 0.5% rise in GDP. The second consecutive quarterly drop in output meets an informal threshold for recession, but not the criteria relied on by the National Bureau of Economic Research.
Do you prefer to listen? look at the 5 things podcast:
Senate Approves Bill To Increase US Computer Chip Production; The House can vote on Thursday
A bill designed to encourage more semiconductor companies to build chip plants in the US passed the Senate Wednesday as lawmakers tried to finish work on a key priority of the Biden administration. The $280 billion measure, known as the CHIPS Act, includes federal grants and tax breaks for companies that build their chip facilities in the U.S. The legislation also directs Congress to significantly increase spending on chip research programs. technology that lawmakers say will help the country stay economically competitive for decades to come. Senate approval came on a 64-33 vote with 17 Republicans voting in favor of the measure. The House vote on the measure could come as early as Thursday as lawmakers try to wrap up business before returning to their home states and districts in August. House Speaker Nancy Pelosi, D-Calif., has said she is confident there is enough Republican support to overcome potential defections from Democrats who see the subsidy effort to boost semiconductor companies as a priority. out of place.
Xi and Biden will talk about Pelosi’s possible visit to Taiwan
President Joe Biden plans to speak Thursday with his Chinese counterpart Xi Jinping for the first time in four months, with a wide range of bilateral and international issues on the table. But a possible visit to Taiwan by House Speaker Nancy Pelosi looms over the conversation, with China warning of a harsh response if she travels to the self-governing democratic island that Beijing claims as its own territory. A Chinese government official said Thursday that a visit by Pelosi would be a “red line” for Beijing and warned of “serious consequences” if she makes the trip. Pelosi’s office has yet to say when, or even if, she will proceed with the visit, but the timing is especially sensitive amid rising tensions between Beijing and Washington over trade, human rights and Taiwan. While Biden has no authority to prevent Pelosi’s visit, the president told reporters last week that US military officials believed it was “not a good idea” for the president to visit the island at this time.
The Pacific Northwest continues to face an unusually long heat wave
The Pacific Northwest will continue to experience what forecasters believe to be an unusually long heat wave for the region on Thursday and is expected to last through the weekend. “For the next few days through Saturday we will be within a few degrees of 100 every day,” said Colby Neuman, a meteorologist with the National Weather Service in Portland, Oregon. The weather service extended excessive heat warnings from Thursday through Saturday night. Temperatures in Oregon’s largest city are forecast to rise again to 101 degrees Fahrenheit on Friday. On Tuesday, Portland hit 102 degrees, setting a daily record. Seattle also reported a record daily high of 94 degrees on Tuesday. The heat wave is also forecast to last through the weekend in Western Washington. Officials in Portland and Seattle have opened cooling centers in their cities. Climate change is causing longer heat waves in the Pacific Northwest, a region where week-long hot spells were historically rare, experts say.
Trump to join celebrities at LIV Golf pro-am at his New Jersey club
The Saudi-funded LIV Golf Invitational Series at Trump National Golf Club in Bedminster, New Jersey has some big names scheduled for Thursday’s pro-am, including the club’s namesake. Former President Donald Trump will play alongside golf stars Dustin Johnson and Bryson DeChambeau in the first group at 10 a.m. ET. Other celebrities joining the mix will be media personality and former Olympian Caitlyn Jenner, basketball Hall of Famer Charles Barkley, as well as football Hall of Famers Lawrence Taylor and Brian Urlacher. Barkley, currently an NBA analyst for TNT, has recently been flirting with the idea of joining the Saudi-backed, Greg Norman-led series. The three-day LIV tournament at Trump National starts friday and features $25 million in prize money. This is the third event in the series and the second in the United States. LIV Golf currently has 10 of the world’s top 50 players on its roster, though none of the top 15.
Contributing: The Associated Press