US economy shrinks in second quarter, signaling unofficial start of recession
The US economy shrank again in the last three months, unofficially signaling the start of a recession.
The commerce department announced Thursday that gross domestic product (GDP) – a broad measure of the price of goods and services – decreased at an annual rate of 0.9% in the second quarter after falling at an annual rate of 1.6% in the first three months.
The bad news will be a major blow for the Biden administration as it prepares for a tough midterm election season. White House officials have tried to tamp down talk of...