The economy shrank for the second consecutive quarter, sparking recession fears
US economy Contracted for the second consecutive quarter, the alarm has sounded about a possible recession as the nation struggles with high inflation and rising interest rates. The Commerce Department said Thursday that the country’s gross domestic product, the value of all goods and services produced in the United States, contracted at a seasonally adjusted annual rate of 0.9% in the April-June period. That followed a 1.6% drop early this year. Economists polled by Bloomberg had expected a 0.5% rise in GDP. The second consecutive quarterly decline in production meets an unofficial threshold for stagnation but not the criteria on which the National Bureau of Economic Research relies.
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Senate passes bill to raise US computer chip production; The House of Representatives may vote Thursday
Bill designed to encourage more semiconductor companies to build chip factories in the US Senate passed Wednesday As lawmakers tried to finish work on a key priority of the Biden administration. The $280 billion measure, known as the CHIPS Act, includes federal grants and tax breaks for companies that build their chip facilities in the United States. The legislation also directs Congress to dramatically increase spending on high-tech research programs that lawmakers say will help the state survive. economically competitive in the coming decades. The Senate passed by 64 votes to 33, with 17 Republicans voting in favor of the measure. The House vote on the measure could come as soon as Thursday as lawmakers try to wind down their business before returning to their home states and counties in August. House Speaker Nancy Pelosi, a Democrat from California, said she was confident there would be enough support for the Republican Party to weather potential defections from Democrats who view support efforts to boost semiconductor companies as a misplaced priority.
Xi, Biden to speak with the possibility of Pelosi’s visit to Taiwan looming
President Joe Biden plans to speak with his Chinese counterpart Xi Jinping for the first time in four months on Thursday, with a wide range of bilateral and international issues on the table. But Looming on a possible visit to Taiwan by House Speaker Nancy Pelosi During the conversation, with China warning of a harsh response if it travels to the self-governing island of democracy that Beijing claims as its territory. A Chinese government official said Thursday that Pelosi’s visit would be a “red line” for Beijing and warned of “serious consequences” if she made the trip. Pelosi’s office has yet to say when or even if she will proceed with the visit, but the timing is particularly sensitive amid heightened tensions between Beijing and Washington over trade, human rights and Taiwan. While Biden does not have the authority to block Pelosi’s visit, the president last week told reporters that US military officials believe the spokesman’s visit to the island “is not a good idea” at the moment.
The Pacific Northwest continues to experience an unusually long heat wave
The Pacific Northwest will continue to experience what meteorologists believe is an unusually long heat wave to the area on Thursday and is expected to extend into the end of the week. “For the next several days through Saturday, we’ll be within a few degrees of 100 degrees every day,” said Colby Newman, a meteorologist with the National Weather Service in Portland, Oregon. The Meteorological Service extended warnings of high temperatures from Thursday to Saturday evening. Temperatures in Oregon’s largest city are expected to rise to 101 degrees Fahrenheit again on Friday. Portland’s temperature hit 102 degrees on Tuesday, a daily record. Also on Tuesday, Seattle hit a record daily high of 94 degrees. The heat wave was expected to last into the weekend in western Washington as well. Officials in both Portland and Seattle have opened cooling centers throughout their cities. Experts say climate change is fueling longer heat waves in the Pacific Northwest, a region where week-long heat spells have been historically rare.
Trump will join the celebrity LIV Golf pro-am at his club in New Jersey
Saudi-funded LIV Golf Invitational Series at Trump National Golf Club in Bedminster, New Jersey Some of the big names scheduled for Thursday pro, including the name of the club. Former President Donald Trump will play alongside golfing stars Dustin Johnson and Bryson Deschamps in the first set at 10 a.m. ET. Other celebrities joining the mix include media personality and former Olympic player Caitlin Jenner, Basketball Hall of Fame Charles Barkley, as well as Football Hall of Fame Lawrence Taylor and Brian Urlacher. Barkley, currently TNT’s NBA Analyst, was recently Flirt with the idea of joining The series is led by Greg Norman and supported by Saudi Arabia. Three-day LIV Championship at Trump National It starts on Friday It features $25 million in prize money. This is the third event in the series and the second in the United States. LIV Golf currently has 10 of the world’s top 50 players on its roster, although none of them are in the top 15.
Contributing: The Associated Press