Commerce Dept: Economy Shrank For Second Quarter

Bloomberg News reports:

The US economy shrank for a second straight quarter, raising chances of a recession, as decades-high inflation undercut consumer spending and Federal Reserve interest-rate hikes stymied business investment and housing demand.

Gross domestic product fell at a 0.9% annualized rate after a 1.6% decline in the first three months of the year, the Commerce Department’s preliminary estimate showed Thursday.

Personal consumption, the biggest part of the economy, rose at a 1% pace, a deceleration from the prior period.

Read the full article.

Photo: Commerce Sec. Gina Raimondo.

BREAKING: The US economy shrinks for a second quarter, raising the odds of a recession https://t.co/EPVD7zKdSG

— Bloomberg (@business) July 28, 2022