New Mexico economists say a recession is likely.
The gross domestic product in the United States has fallen 0.9% in the second quarter. “So, what that's saying is it's a contraction of the economy. It means that the value of goods and services that we produce this period is not as large as the value that we produced last period,” said Janie Chermak, the chair of UNM's economics department. While economists say the drop is modest, this is the second quarter in a row it went down. “In general, you know, it could signal the potential for a recession, which is what I think is on everybody's mind," Chermak said.