U.S. economy shrinks in the second quarter, GDP shows, and invites talk of recession
Posted on AllSides July 28th, 2022
From The Center
The numbers: The U.S. economy shrank at a annual 0.9% pace in the second quarter to mark the second decline in a row, intensifying a debate over whether the U.S has already sunk into a recession.
Gross domestic product, the scorecard of sorts for the economy, had shrunk at a 1.6% pace in the first three months of the year.
The back-to-back declines in GDP were the first since the 2007-2009 Great Recession.
A sharp drop in business investment and declining inventory levels largely accounted for the negative GDP print. Government...
