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GDP fell 0.9% in second quarter, economy all but officially in recession

rendall6
Jul 29, 20221 min read

Second-quarter gross domestic product dropped 0.9%, the government reported, putting

the U.S. in recession territory after the second straight quarter of contraction. The worse-than-expected GDP report will intensify the criticism of President Biden’s handling of the economy in the midterm election year. First-quarter GDP contracted at a rate of 1.6%. Some economists’ definition of a recession is two straight quarters of negative growth.

 
 
 

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