The economy is creaking, but likely isn't in a recession
CBSN
Investors are jittery. Home sales are plummeting. Squeezed by food and gas prices, Americans are driving less and spending more to put food on the table, constraining their budgets. Yet despite this unsightly economic picture, the U.S. likely isn't in a recession — yet.
On Thursday, the government is expected to report that economic output grew at a rate of just under 1% in the third quarter, according to economists surveyed by FactSet. A positive figure would steer clear of the technical definition of a recession; by contrast, it would indicate that economic growth has slowed considerably from its roaring pace last year as the Federal Reserve tries to douse red-hot inflation.
Authorities made two gruesome discoveries Tuesday after a Missouri woman walked into a police station and told officers that she fatally shot one of her children and drowned the other, officials said. Jefferson County Sheriff Dave Marshak said at a news conference that authorities believe both children were killed Tuesday morning.
Strong storms with damaging winds and baseball-sized hail pummeled Texas on Tuesday, leaving more than one million businesses and homes without power as much of the U.S. recovered from severe weather, including tornadoes, that killed at least 24 people in seven states during the Memorial Day holiday weekend.