Source: Martha White and Alicia Wallace, CNN Business, July 29, 2022
In addition, when companies import more and export less, that dynamic weighs on GDP, said Jacob Kirkegaard, a senior fellow at the Peterson Institute for International Economics.
(CNN)The US economy shrank again in the second quarter, the Bureau of Economic Analysis said Thursday.
Gross domestic product, a wide-ranging measure of economic activity, fell by 0.9% on an annualized basis from April through June. That decline marks a key symbolic threshold for the most commonly used — albeit unofficial — definition of a recession as two consecutive quarters of negative economic growth.