The U.S. economy is in a technical recession as the GDP growth rate fell 0.9 percent in the second quarter, according to the Bureau of Economic Analysis (BEA).
The market had penciled in a gain of 0.5 percent during the April-to-June span.
With the GDP falling 1.6 percent in the first quarter, this represented two consecutive quarters of negative growth.
The decline in GDP reflected declines in private inventory investment, government spending, and residential and non-residential fixed investment. But this was offset by gains in imports, exports, and personal consumption expenditures (PCE).
BEA data also reported that the GDP price index advanced 8.9 percent in the previous quarter, topping the market estimate of 7.9 percent. GDP sales rose 1.1 percent….