(WASHINGTON D.C.) — Numbers out this morning from the Commerce Department show it a second-straight quarter of negative growth.
The American economy shrank an estimated 0.9% annual rate in the second quarter of 2022.
Recession is defined as “a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.”
The U.S. economy shrank at a 0.9% annual rate last quarter. That marks a second straight quarterly decline in GDP—a common definition of recession. https://t.co/RC7swzQ6Qe
— The Wall Street Journal (@WSJ) July 28, 2022