this gross domestic product United States (GDP) Experiment 0.1 percent contraction According to a second estimate of data released this Thursday by the US government’s Office of Economic Analysis, in the second quarter of 2022 lowers their initial estimate by one-tenthpublished last month.
In this way, the US entered a technical recession in the second quarter since the first quarter. saw a 0.4 percent decline in the three months of the year. According to the consensus of economists, the economic situation that occurs when two-quarters of the economic contraction is chained together is called a technical recession.
The BEA reported decreases in private investment in stocks, investment in fixed housing and government spending between April and June. However, these setbacks were partially offset by the rise in exports and consumer spending.
The agency said that the economic contraction in the second quarter a “continuous inflation“, low unemployment, rising interest rates and ongoing problems in supply chains.
Because of this contraction, US GDP at the end of the second quarter of 2022 was 2.6 percent higher than what was observed at the end of the fourth quarter of 2019 before any impact from the Covid-19 pandemic. That’s a tenth improvement over the initial estimate.projected an increase of 2.5 percent. In the first quarter, these data were over 2.7 percent.
In purely annual terms, US GDP, the Bureau’s preferred way of presenting data, contracted 0.6 percent in the second quarter, an improvement of three-tenths from the initial estimate. The annualized decline in the first quarter was 1.6 percent.