GDP

If U.S. Latinos were an independent country, their gross domestic product would rank fifth in the world. NBC 7’s Melissa Adan has more

If U.S. Latinos were an independent country, their gross domestic product would rank fifth in the world, surpassing those of the United Kingdom, India and France, according to a report released Thursday at the L’ATTITUDE conference hosted in San Diego.

After the Commerce Department reported the second straight quarter of GDP decline, President Joe Biden spoke Thursday to tout the strong job market and deflect rumors of an impending recession. “That doesn’t sound like a recession to me.”

The decline in the gross domestic product — the broadest gauge of the economy — followed a 1.6% annual drop from January through March.

The U.S. economy shrank in the first three months of the year, and faces threats from high inflation and rising interest rates, yet economists foresee a return to growth for the rest of 2022 based on the strength of the job market and consumer spending.