Iran Press/ America: According to published statistics, American society continues to grapple with challenges such as a weak labor market and unemployment.
Deutsche Bank became the first Wall Street firm this month to warn of a looming economic recession in the U.S.
Now, the bank's economists are doubling down on their prediction, forecasting a severe recession within the next two years as the Federal Reserve moves to tame the hottest inflation in four decades with a series of mega interest rate hikes.
According to published statistics, American society continues to grapple with challenges such as a weak labor market and unemployment.
US economic growth in the first quarter of 2022 compared to the same period last year fell unexpectedly by 1.4 percent, according to US Commerce Department Statistics.
The decrease in real gross domestic product reflected declines in private inventory investment, exports, federal government spending, and state and local government spending, while imports -- a subtraction in the calculation of GDP, increased, the report showed.
The US Federal Reserve raised interest rates in March as inflation hit a 40-year record of 7.9 percent.
Federal Reserve Chairman Jerome Powell has previously informed the US House of Representatives that inflation in the country will be on the rise for months. 219
