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The Guardian - US
The Guardian - US
Business
Dominic Rushe

US economy shrinks in second quarter, signaling unofficial start of recession

Economy Recession United States Joe Biden Jerome Powell GDP Midterm election NBER
A shopper places items in a cart at a home improvement store in Bethesda, Maryland, in February.
A shopper at a home improvement store in Bethesda, Maryland, in February. Photograph: Mandel Ngan/AFP/Getty Images

The US economy shrank again in the last three months, unofficially signaling the start of a recession.

The commerce department announced Thursday that gross domestic product (GDP) – a broad measure of the price of goods and services – decreased at an annualized rate of 0.9% in the second quarter after falling at an annualized rate of 1.6% in the first three months.

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