BREAKING: The U.S. economy shrank between April and June of this year, a sign the country may be teetering on the edge of a recession.
PHILADELPHIA — The U.S. economy shrank between April and June of this year, marking the second consecutive quarter of declining economic activity — a sign the U.S. may be teetering on the edge of a recession.
The nation’s gross domestic product, a measure of total spending on goods and services across the economy, fell at an annual rate of 0.9%, the Commerce Department said Thursday.The contraction follows a 1.6% decline in economic activity in the first three months of the year and means the U.S. could currently be in a recession, which is broadly defined as two straight quarters of negative growth.
The hottest inflation in 40 years is crimping household budgets, with some consumers struggling to cover basics such as gasoline, food and rent, which have sharply risen in price from a year ago. At the same time, the Federal Reserve on Wednesday raised interest rate for the fourth time this year in an effort to dampen inflation. But that is also making it more expensive for consumers and businesses to borrow for big purchases like homes and cars.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
U.S. economy shrank at annual rate of 0.9% in the second quarterEconomic activity unexpectedly slumped between April and June as consumers pared spending on autos and other items. alabamanewsnetwork
Les mer »
US economy shrank 0.9% last quarter, its 2nd straight drop, raising fears of recessionConsecutive quarters of falling GDP constitute one informal, though not definitive, indicator of a recession.
Les mer »
US economy contracts again, fueling recession fearsCNN News, delivered. Select from our newsletters below and enter your email to subscribe.
Les mer »
US economy enters technical recession after growth tumbles 0.9% in the second quarterThe Commerce Department released its first reading of second-quarter GDP data on Thursday, offering fresh insight into the health of the U.S. economy as inflation rages.
Les mer »