Economic data released last week strongly suggest that the US did not enter a recession in the first half and that real growth likely remained positive into July. Real gross domestic income (GDI) — an income-based measure of broad economic activity — rose in both the first and second quarters of 2022, challenging the implication from declines in real GDP that the economy contracted in the first two quarters of the year. Second-quarter GDP growth was revised up 0.3 percentage point, reflecting both an upward revision to final sales and less of a decline of inventory investment. Real gross domestic output (GDO) — the ... (full story)