The downturn could have started sometime around last October, a former Federal Reserve advisor has said

The United States may already be in a “plain vanilla recession,” a former advisor to the Federal Reserve Bank of Dallas, Danielle DiMartino Booth, told CNBC on Monday. The statement comes as world stock markets nosedive over fears the US economy is weakening.

A cyclical or plain vanilla recession is one of the two types of demand-driven recession. These typically follow periods of policy tightening that are aimed at staunching excess demand or inflation problems.

According to DiMartino Booth, CEO and chief strategist for Quill Intelligence, the recession started sometime around last October. She pointed to a weakening job market and increasing Chapter 11 bankruptcy filings. Additionally, she said declining housing prices and increasing apartment supply suggest this trend may continue.

The US economy suffered an unexpected setback in July as hiring fell sharply and the unemployment rate rose for the fourth straight month, with raised interest rates taking a toll on businesses and households... .more below

https://www.rt.com/business/602196-us-economy-recession-unemployment/