The US economy shrank by 0.9% in the second quarter.
This is the second quarter in a row the economy shrank meaning that the US is in a recession.
BREAKING: GDP contracted by 0.9% in Q2, the second quarter in a row, signaling that the U.S. is now in a recession.
— Benny Johnson (@bennyjohnson) July 28, 2022
The U.S. economy contracted in the second quarter of 2022 as the economy was battered by four-decade high inflation, record high fuel prices, soaring food costs, and tighter monetary policy.
The government reported Thursday that Gross Domestic Product shrank by 0.9 percent in the April through June period. Economists had expected the economy to grow by 0.3 percent, according to the Wall Street Journal.
Biden’s own economic adviser Jared Bernstein admitted this was the case in 2019.
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