The latest figures are raising fears that the nation may be approaching a recession.
shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.
The report comes at a critical time. Consumers and businesses have been struggling under the weight of punishing inflation and higher borrowing costs. On Wednesday, theby a sizable three-quarters of a point for a second straight time in its push to conquer the worst inflation outbreak in four decades.
Federal Reserve Board Chairman Jerome Powell speaks during a news conference in Washington, DC, on July 27, 2022.
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