US key economic data sparks recession fears ...News

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US key economic data sparks recession fears
The nation’s gross domestic product shrank for two straight quarters, latest figures show The US economy contracted for the second consecutive quarter in the three months ended June, the Bureau of Economic Analysis (BEA) said on Thursday in its final estimate. The latest figures meet BEA’s criteria for a so-called technical recession as soaring inflation and higher interest rates weigh on spending. Data showed that gross domestic product (GDP) shrank by 0.6% on an annualized basis in the second quarter, which is below the initially reported 0.9% decline. The country’s economic output has already dropped over the f

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