Mike's Minute: Gloomy economic days are just beginning

Best of Business · Jun 16, 2022 · 2m

Is it a case of looking too hard? How is it possible I see a recession and banks don't?

The much-anticipated GDP number for the first quarter of the year is -0.2 percent. To have a recession you need two consecutive quarters of negative growth, we now have one.

I have been trying to explain that we are headed for recession for months. You can't have a recession if you don't have negative growth, and not one bank was forecasting a negative number for yesterday. Therefore, they were saying there is no recession.

I need to be right for this current quarter, Q2. I am not 100 percent convinced I…