Author: Paul Davidson, USA TODAY

The economy shrank 0.9% in Q2, marking second straight contraction, raising recession concerns. Inflation, Fed rate hikes set to slow growth

The nation could already be in recession by one definition if report Thursday shows GDP fell for second straight quarter.

Private sector has regained all 22M jobs lost in COVID and then some. Government is well short, mainly because it’s struggling to hire, retain workers

Inflation touched a new 40-year high last month as gas, food, and rent costs surged. That will likely mean another big Fed rate hike this month.

June’s consumer price index is likely to reveal another 40-year high. There are signs inflation is easing, but a big Fed hike is still expected.

The economy added better-than-expected 372,000 jobs in June amid high inflation and a slowing economy. Unemployment was unchanged at 3.6%.

Many job seekers are weighing multiple offers in a labor market that is still scorching despite signs of an economic slowdown.

College graduates get better jobs at higher pay, along with flexible hours, remote work and student debt repayment as employers face worker shortages.

The Fed hiked its key interest rate by the most since 1994 to fight inflation. It forecast more big increases that will impact rates for consumers.

Inflation hits new 40-year high in May as gas, food, rent prices jump, CPI report shows.