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Final GDP reading shows US economy shrank 0.6% in the spring, cementing start of recession
The Commerce Department said its final reading of second quarter gross domestic product data on Thursday shows the economy shrank 0.6% in the spring, indicating the start of a recession.
www.foxbusiness.com
The U.S. economy shrank for the second consecutive quarter in the three months ended June, according to the final estimate from the Bureau of Economic Analysis, meeting the criteria for a so-called technical recession as raging inflation and higher interest rates weighed on spending.
The updated report, released Thursday, showed that gross domestic product (GDP), the broadest measure of goods and services produced across the economy, shrank by 0.6% on an annualized basis in the second quarter. That is below the initially reported 0.9% decline and unchanged from the second reading of a 0.6% decline.
Economic output already fell over the first three months of the year, with GDP tumbling 1.6%, the worst performance since the spring of 2020, when the economy was still deep in the throes of the COVID-19-induced recession.
Had a great vacation so thanks for asking. Had plenty of time to think after finding out that posting data wasn't going to change any minds therefore the new improved me will bypass the data as it ticks off too many people here with an agenda and will focus solely on replying to opinions with those of my own although this OP does destroy the liberal narrative about the Biden economic policies and results. Liberal economics and liberal opinions have created a cult like mentality as it doesn't matter what the results are it is the D that matters. We all know that those working for the current Administration, in need of massive taxpayer support, those not paying any FIT yet benefiting from taxpayer funded programs are going to vote for the D regardless of policies. The old adage that you "don't bite the hand that feeds you" has proven to be effective and successful election strategy thus buying votes normally creates successful election results. We will see if this holds true at the Midterms in light of the US now in a recession.