Summers, Others Cite Growing Chance of Recession [TheStreet.com]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: TheStreet.com
Concern is growing that the Federal Reserve’s interest-rate increases will throw the economy into a recession. GDP shrank an annualized 1.6% in the first quarter. And the government reported that personal consumption expenditures, adjusted for inflation, fell for the first time in May, by 0.5% from a month earlier. Consumer spending accounts for more than two-thirds of GDP, so that’s a problem. Some economists anticipate the economy contracted in the second quarter as well. Former Treasury Secretary Lawrence Summers, now a Harvard economist, has regularly sounded the alarm bell in recent months about the potential for recession. And he’s only growing more worried. “The risks of a 2022 recession are significantly higher than I would have judged six or nine weeks ago,” July 1. Recessionary Statistics Summers has noted that at no time in the past 65 years has inflation stood above 4%, unemployment stood below 5%, and the economy failed to enter recession within the next two years.
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- JPM's page on the SEC website