The latest readings on U.S. gross domestic product for the second quarter, saw the American economy contract at a slightly slower pace than was previously reported, but the data shows that it still remains in a technical recession.
An increase in interest rates caused by 41-year high inflation, curtailed U.S. consumer spending growth in the first half of 2022.
U.S. GDP shrank by 0.6 percent in the second quarter, below the initially reported 0.9 percent, according to the Bureau of Economic Analysis’s revised report released on Aug. 25.
The economy had already shrunk by 1.6 percent in the first quarter, the worst GDP figures since the height of the pandemic in the spring of 2020….