U.S. GDP revised up, but shrinks for 2nd straight qtr in April-June

Economy

The U.S. economy shrank an annualized 0.6 percent in real terms in the April to June period, revised upward from an earlier estimate of 0.9 percent contraction, the Commerce Department said Thursday. The reading of the inflation-adjusted gross domestic product followed a 1.6 percent contraction in the January to March period, representing two straight quarters of negative growth, which is typically viewed as a possible sign of a recession. The administration of President Joe Biden, however, has denied that the world's largest economy is in recession as the Federal Reserve continues its aggress...

Kyodo News

Kyodo News