The Q2'22 saw a -0.9% (annualized) fall in the US's real GDP.
That was worse than the Dow Jones projection for a rise of 0.3%, disappointing the market.
A wide range of causes, including falls in inventory, residential and nonresidential investment, and government spending, contributed to the decline.
The NBER claims recessions and expansions formally, but it won't confirm the period.
Fed boss confirms to reporters that he does not think the American economy is in a recession.
For the first time since 1994, the central bank increased the rate by 75 bps in June and July.
GDP slipped by 1.6% in Q1 of the year, signaling a decline in economic production.
"We're not in recession, but it's clear the economy's growth is slowing," Moody's analysts confused investors.
Spending on services increased by 4.1%, which was countered by a 5.5% fall in non-durable items.
For the week ending July 23, initial claims for unemployment benefits were 256,000.