US economy shrinks again, fueling recession fears

The gross domestic product (GDP) of the United States contracted again in the second quarter, which increases the risks of seeing the world’s largest economy plunge into recession, a few months before a key election for Joe Biden.

The contraction in GDP is 0.9% at an annualized rate, a measure favored by the United States, which compares to the previous quarter and then projects the evolution over the whole year, according to figures released Thursday by the Commerce Department.

Weak growth was expected, after a decline, in the first quarter already, of 1.6%.

The commonly accepted definition of a recession corresponds to two consecutive quarters of decline in GDP. But the current situation „does not look like a recession, in my opinion”, reacted Joe Biden.

Dodaj komentarz

Twój adres e-mail nie zostanie opublikowany.