The U.S. economy contracted for the second straight quarter as a tightened monetary policy and high inflation took more steam out of consumer spending.
The Commerce Department said the nation’s Gross Domestic Product (GDP) – the value of all goods and services sold – fell by a 0.9% annualized rate in the second quarter.
The new reading coupled with the 1.6% decrease in Q1 means the economy has met the common definition for recession. But top officials and The Federal Reserve say the recession label doesn’t apply, because job growth, industrial production, spending and incomes all remain robust. The unemployment rate has been steadily decreasing for the last two quarters. Employers have hired for 1.56 million positions over four months, ending in June. READ THE FULL REPORT HERE
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