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UlarSawa
35,552 posts
Posted by UlarSawa > 2022-07-28 22:11 | Report Abuse
The U.S. economy shrank in the last three months by 0.9%.
This is the second consecutive quarter where the economy has contracted. In the first quarter, GDP, or gross domestic product, decreased at an annual rate of 1.6%.
While two consecutive quarters of negative growth is often considered a recession, it's not an official definition. A nonprofit, non-partisan organization called the National Bureau of Economic Research determines when the U.S. economy is in a recession. An NBER committee made up of eight economists makes that determination and many factors go into that calculation.