President Joe Biden speaks on plan to invest in CHIPS manufacturing | USA TODAY

President Biden delivers remarks on Micron’s plan to invest in CHIPS manufacturing in upstate New York.

RELATED: Joe Biden receives second dose of COVID-19 vaccine

Call it the calm before the storm. After shrinking the first half of the year, the U.S. economy rebounded from July through September despite inflation that has hovered near a 40-year high and sharply rising interest rates. But the performance likely marked a reprieve ahead of next year’s projected recession rather than a sign of a brighter outlook.

While those contractions met an informal benchmark for recession, the National Bureau of Economic Research looks at a broader range of economic activity, including employment, retail sales and industrial production, before determining when a downturn begins and ends. Most economists don’t believe the U.S. is in a recession, citing slowing but still-vibrant job growth.

There’s little doubt, though, that the economy is losing steam as households and businesses curtail spending amid soaring inflation and the Federal Reserve's aggressive interest rate hikes aimed at tempering the price increases.

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    There was an old President Biden,
    (Who could not even his bicycle riding…)
    From Pennsylvania, with a strange mania… —
    He climbed on the roof of the White House:
    To look for Ukraine… with a smile to full mouth.

    Jill cried, “Oh, Joe, you’re about to fall!”
    – Don’ t bother, – only to the ground … My Doll!

    Russian (worker, anarchist)

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