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U.S. Economy Shrinks for Second Quarter in a Row

July 28, 2022

The U.S. economy contracted for the second quarter in a row in the second quarter of 2022, according to data released today by the Bureau of Economic Analysis.

In the January-through-March period, real Gross Domestic Product (GDP) dropped by 1.6 percent, said BEA. In the April-through-June period, it dropped by 0.9 percent.

“The decrease in real GDP reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by increases in exports and personal consumption expenditures (PCE),” said BEA.