Revised GDP Data Confirm US Economy Fell Into ‘Technical Recession’ in First Half of 2022

[Epoch-Times-Bot]

Revised GDP Data Confirm US Economy Fell Into 'Technical Recession' in First Half of 2022

The U.S. economy contracted for two consecutive quarters this year, according to a revised government report, which technically meets the criteria for a recession.
The third and final update was released on Sept. 29 by the Bureau of Economic Analysis, as rising inflation and higher interest rates weighed on consumer spending.
U.S. gross domestic product (GDP), which measures the production of goods and services, fell by 0.6 percent on an annualized basis in the second quarter, unchanged from the last reading.
In the first quarter, real GDP had already decreased 1.6 percent in the first months of the year.
The first half of 2022 witnessed the worst downturn since the pandemic two years ago, which pushed the economy into a short-lived, but painful recession....

Source: Revised GDP Data Confirm US Economy Fell Into 'Technical Recession' in First Half of 2022

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