US economy shrinks for 2nd straight quarter

By Agence France-Presse

Jul 30, 2022 12:09 am

WASHINGTON, D.C.: The US economy contracted for a second straight quarter between April and June, government data showed Thursday (Friday in Manila), adding fuel to recession fears in a headache for President Joe Biden ahead of midterm elections.

Gross domestic product (GDP) declined at an annual rate of 0.9 percent in the second quarter, following a bigger drop in the first three months of the year, according to the Commerce Department.

ROUGH SEAS US Federal Reserve (Fed) Board Chairman Jerome Powell pauses during a news conference following a meeting of the Federal Open Market Committee at the headquarters of the Fed on Wednesday, July 27, 2022 (July 28 in Manila), in Washington, D.C. Powell announced that the Fed is raising interest rates by three-quarters of a percentage point. AFP PHOTO

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