US ECONOMY – Recession fears as US GDP shrinks for 2nd consecutive quarter
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The United States economy contracted for a second consecutive quarter as GDP fell at an estimated annual rate of 0.9% between April and June.
The latest report from the Department of Commerce Thursday raises fears of a recession as US GDP, or gross domestic product, which measures the price of goods and services, shrank by 1.6% in the first quarter of the year.
Back-to-back quarters of GDP decline is often used as a benchmark to indicate that a country has entered into a technical recession, although this stance is not shared by the US government.
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