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U.S. GDP Fell at 0.9% Annual Rate in Second Quarter

Editorial Team by Editorial Team
July 28, 2022
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U.S. GDP Fell at 0.9% Annual Rate in Second Quarter
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The U.S. economy shrank for a second quarter in a row—a common definition of recession—as businesses trimmed their inventories, the housing market buckled under rising interest rates, and high inflation took steam out of consumer spending.

Gross domestic product, a broad measure of the goods and services produced across the economy, fell at an inflation and seasonally adjusted annual rate of 0.9% in the second quarter, the Commerce Department said Thursday. That marked a deterioration from the 1.6% rate of contraction recorded in the first three months of 2022.

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