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U.S. GDP Unexpectedly Decreases 0.9% In Second Quarter
(RTTNews) - U.S. economic activity unexpectedly saw a continued contraction in the second quarter of 2022, according to a report released by the Commerce Department on Thursday.
The Commerce Department said real gross domestic product decreased by 0.9 percent in the second quarter after slumping by 1.6 percent in the first quarter. Economists had expected GDP to increase by 0.5 percent.
With GDP unexpectedly declining for the second consecutive quarter, the data signals the U.S. economy is in a technical recession.
The drop in GDP in the second quarter reflected decreases in private inventory investment, residential fixed investment, government spending and nonresidential fixed investment.
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