“The U.S. economy shrank at a 0.9% annual rate last quarter,” the Wall Street Journal reports.
“That marks a second straight quarterly decline in gross domestic product — a common definition of recession.”
“Inflation hit a fresh four-decade high during the second quarter, hammering consumer sentiment and eroding Americans’ purchasing power. The Federal Reserve responded by aggressively raising interest rates, which in turn cooled the housing market, reducing brokers’ commissions and denting residential investment.”
CNBC: “Officially, the National Bureau of Economic Research declares recessions and expansions, and likely won’t make a judgment on the period in question for months if not longer.”
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