The US economy contracted in the second quarter and GDP fell by 0.9%
The U.S. Department of Commerce announced on Thursday (July 28) that the annual growth rate of GDP in the second quarter fell by 0.9%, lower than expected. As the annual growth rate of GDP in the first quarter fell by 1.6%, GDP fell for two consecutive quarters, reaching the general definition of technical recession.

Question

28-07-2022
Social Studies

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The US economy contracted in the second quarter and GDP fell by 0.9%
The U.S. Department of Commerce announced on Thursday (July 28) that the annual growth rate of GDP in the second quarter fell by 0.9%, lower than expected. As the annual growth rate of GDP in the first quarter fell by 1.6%, GDP fell for two consecutive quarters, reaching the general definition of technical recession.

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Tundexi Tundexi · Answer 1 · 2022-07-29T21:05:59+02:00

It is a kind of warning sign that the U.S. may be teetering on the edge of a recession because its economy contracted in the second quarter and GDP fell by 0.9%

What is an economy contraction?

This refers to economic phase of the business cycle in which the economy as a whole is in decline and thety often occurs after the business cycle peaks but before it becomes a trough.

Hence, in the macroeconomics section, the recession is termed as a broad-based contraction that may affects many sectors of the economy.

Hence, because the U.S. economy shrank between April and June of this year and marks the second consecutive quarter of declining economic activity, this may be a signs of edging to an economic edge of a recession.