Wall Street

US Economy Shrinks Again, Down 0.9% in Q2, Igniting New Recession Debate

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The Street

By Martin Baccardax The U.S. economy contracted by a much-worse-than-expected 0.9% over the three months ending in June, marking the second consecutive quarterly decline. The U.S. economy shrank far more sharply-than-forecast over the three months ending in June, blunted by the highest inflation in four decades, recording its second consecutive quarterly drop and likely igniting a heated debate as to whether the downturn has accelerated into recession. The Commerce Department’s first estimate of second quarter GDP indicated a -0.9% annualized contraction for the world’s biggest economy, a much…

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