US economy enters technical recession after growth tumbles 0.9% in the second quarter

Posted on AllSides July 28th, 2022
From The Right
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The U.S. economy shrank in the spring for the second consecutive quarter, meeting the criteria for a so-called technical recession as raging inflation and higher interest rates forced consumers and businesses to pull back on spending. 

Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.9% on an annualized basis in the three-month period from April through June, the Commerce Department said in its first reading of the data on Thursday. Refinitiv economists expected the report to show the economy had expanded by 0.5%. 

Economic output already fell...

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https://www.foxbusiness.com/economy/us-economy-shrank-second-quarter-entering-technical-recession

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