Reuters reports the U.S. economy experienced a second quarter of economic shrinkage, msn.com carries the story.
The U.S. economy unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending declining.
While the second straight quarterly decline in gross domestic product reported by the Commerce Department on Thursday largely reflected a more moderate pace of inventory accumulation by businesses due to ongoing shortages of motor vehicles, the economic profile was weak, with exports as the only bright spot.
Gross domestic product fell at a 0.9% annualized rate last quarter, the government said in its advance estimate of GDP.
The Bidenistas will try to confuse the issue, don’t be fooled. When a nation’s economy contracts for two quarters in a row, that economy is in recession. That very simply is the definition of a recession - a period of non-transient, non-catastrophic-but-unpleasant economic decline. Catastrophic decline is called a depression.
For the sake of those who are of employment age, let us hope the recession is neither severe nor long-lasting.
