Economic Indicators
U.S. Falls Into Technical Recession After Second Straight Quarterly Contraction
2022.07.28 15:42
By Scott Kanowsky
Investing.com — U.S. growth contracted in the second quarter, as the world’s largest economy failed to avoid slumping into a so-called technical recession.
Gross domestic product in the country fell by 0.9% during the period, marking the second straight quarterly decline after the reading dropped by 1.6% in the first three months of the year. Two consecutive quarters of negative figures can be defined as a “technical recession.”
However, the U.S. does not adhere to that definition, instead following a determination from the National Bureau of Economic Research that is based on a range of factors.
