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GDP shrank at revised 0.6% rate in second quarter, signaling US remains in technical recession. Second-quarter GDP was initially reported to have shrunk 0.9%
The U.S. economy shrank at slightly slower pace in the second quarter than previously reported, but continued to meet the criteria for a so-called technical recession as raging inflation and higher interest rates weighed on spending.
Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.6% on an annualized basis in the second quarter, the Commerce Department said in its second reading of the data on Thursday. That is below the initially reported 0.9% decline.
GDP already contracted by 1.6% in the period from January to March, the worst performance since the spring of 2020, when the economy was deep in the throes of the COVID-induced recession.
Recessions are technically defined by two consecutive quarters of negative economic growth and are characterized by high unemployment, low or negative GDP growth, falling income and slowing retail sales, according to the National Bureau of Economic Research (NBER), which tracks downturns.
