GO in the Know: US Economy Shrinks — Enters Technical Recession & Top Financial News for July 29

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It’s the last Friday of July — wait, already?! Time to catch up on today’s top financial stories. We’ll see you in August!

The Big Lead: US Economy Shrinks for Second Straight Quarter as It Enters Technical Recession

The real gross domestic product (GDP) decreased 0.9% in the second quarter, according to the Bureau of Economic Analysis (BEA), following the first quarter decrease of 1.6%. This turn of events would technically mean that the economy is in a recession. However, whether we have entered a recession already or not depends on who you ask.

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Business Spotlight: How Inflation Could Force Walmart To Discount More Items

During a year of historically high inflation, Walmart is going in the opposite direction by cutting prices on certain items. The retailer is expected to mark down prices of clothing, electronics, toys and other general merchandise items.

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That’s Scary: How To Handle the Impending Candy Shortage This Halloween

A report from Reuters warned that Halloween 2022 may suffer a candy shortage due to supply chain issues, based on statements from Hershey. And thanks to inflation, expect Halloween candy to be more expensive than ever this year.

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Bonus: Has the Pandemic Hurt Your Credit Score?

If your credit score has declined over the last couple of years, it might be tempting to blame the COVID-19 pandemic. But based on the available data, the pandemic might not have played that big a role.

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About the Author

Heather Taylor is a senior finance writer for GOBankingRates. She is also the head writer and brand mascot enthusiast for PopIcon, Advertising Week’s blog dedicated to brand mascots. She has been published on HelloGiggles, Business Insider, The Story Exchange, Brit + Co, Thrive Global, and more media outlets. 

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