US economy shrinks in second quarter, signaling unofficial start of recession
by Dominic Rushe from on (#61X2T)
The bad news will be a major blow for the Biden administration as it prepares for a tough midterm election season
The US economy shrank again in the last three months, unofficially signaling the start of a recession.
The commerce department announced Thursday that gross domestic product (GDP) - a broad measure of the price of goods and services - decreased at an annualized rate of 0.9% in the second quarter after falling at an annualized rate of 1.6% in the first three months.
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