The U.S. economy shrank in the last three months by 0.9% which is  the 2nd consecutive quarter of negative economic growth in the nation.

In the first quarter, the GDP decreased at an annual  rate of 1.6%.

History suggests that two consecutive quarters of negative growth is often considered a recession.

However, the White House has pushed back against calling the current economy a recession.

Treasury Secretary Janet Yellen noted in a recent appearance on NBC's Meet the Press that conditions in the economy are unique & it's  not a recession.

"When you're creating almost 400,000 jobs a month in the nation, that is not a recession," Yellen said.

Yellen also pointed to consumer spending, which has remained strong & she highlighted positive data on the credit quality of citizens.

But as the Federal Reserve continues to hike interest rates aggressively to fight high inflation, fears of a recession have grown.

On Thursday, the central bank raised rates by an additional 3/4th of a percentage point.

In June, the US unemployment rate held steady at 3.6%, which is near its pre-pandemic low & the economy added  372,000 jobs.