US economy shrinks for a 2nd quarter, raising recession fear

[CC27]

Thu Jul 28, 2022, 02:27 PM
Star Member Yo_Mama_Been_Loggin (87,181 posts)


US economy shrinks for a 2nd quarter, raising recession fear

Source: AP

WASHINGTON (AP) — The U.S. economy 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 decline that the Commerce Department reported Thursday in the gross domestic product — the broadest gauge of the economy — followed a 1.6% annual drop from January through March. Consecutive quarters of falling GDP constitute one informal, though not definitive, indicator of a recession.

The GDP report for last quarter pointed to weakness across the economy. Consumer spending slowed as Americans bought fewer goods. Business investment fell. Inventories tumbled as businesses slowed their restocking of shelves, shaving 2 percentage points from GDP.

Higher borrowing rates, a consequence of the Federal Reserve’s series of rate hikes, clobbered home construction, which shrank at a 14% annual rate. Government spending dropped, too.



Read more: https://apnews.com/article/us-economy-shrinks-4ffd93331422cb131a974223dad5825f

https://www.democraticunderground.com/10142948871

No responses yet but I can't wait to see these turds spin this.

[FlaGator]

But I thought there was no recession it was all a transient figment of our collective imagination and the new definition of recession proves this.

[67 Rover]

But I thought there was no recession it was all a transient figment of our collective imagination and the new definition of recession proves this.

Merriam-Webster will fix this.

[ADsOutburst]

No responses yet but I can't wait to see these turds spin this.

That article is the spin:

US economy shrinks for a 2nd quarter, raising recession fear

Source: AP

WASHINGTON (AP) — The U.S. economy 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.[/]

Yes, raising fears... as in the fear that what has happened is the accepted definition of a recession.

[Rebel]

These dismal numbers aren't "raising fears" of anything. They're reaffirming something we've already known. The recession didn't start today. Those two straight quarters of dismal growth by a failed dipshit of a pResident began at the beginning of Q1. If I roll a car off the assembly line the building of the car didn't begin the same day.

BIDEN IS A DAMN FAILURE ALONG WITH EVERY OTHER "CHECK THE BOX" CLOWN IN HIS ADMINISTRATION