Braking Down The News

U.S. GDP Fell at 0.9% Annual Rate in Second Quarter; Recession Fears Loom Over Economy

Output shrank for second straight quarter, held back by rising inflation and interest rates

11

The U.S. economy shrank for a second quarter in a row—a common definition of recession—as the housing market buckled under rising interest rates and high inflation took steam out of business and consumer spending.

Gross domestic product, a broad measure of the goods and services produced across the economy, fell at an inflation and seasonally adjusted annual rate of 0.9% in the second quarter, the Commerce Department said Thursday. That followed a 1.6% pace of contraction in the first three months of 2022.

 

Continue Reading…

 

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More