Economic Contraction Again Confirmed For Second Quarter, Solidifying Technical Recession

  • Real gross domestic product (GDP) is confirmed to have shrunk at an annualized rate of 0.6 percent in the second quarter of 2022.
  • New data from the agency confirms the figure, which had already been revised to 0.6 percent from an earlier estimate of 0.9 percent.
  • The Biden administration has leaned upon the lack of an official declaration while spurning criticism about the outcomes of its economic agenda.
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