US economy shrinks for 2nd quarter, inflating recession fears

InflationMoney Matters
Written By Jennifer Joslyn

💸 Fears of a recession continue to grow as the US economy shrinks for the 2nd quarter of the year, contracting at a 0.9% annual pace.

The GDP report for the last quarter revealed that Americans bought fewer goods and spending slowed after its record-pace last year. The Federal Reserve’s repeated rate hikes slowed home construction, government spending calmed, and business investment dropped off.

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Jennifer Joslyn
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