5 things to know Thursday

The economy shrank for the second consecutive quarter, sparking recession fears

US economy Contracted for the second consecutive quarter, the alarm has sounded about a possible recession as the nation struggles with high inflation and rising interest rates. The Commerce Department said Thursday that the country’s gross domestic product, the value of all goods and services produced in the United States, contracted at a seasonally adjusted annual rate of 0.9% in the April-June period. That followed a 1.6% drop early this year. Economists polled by Bloomberg had expected a 0.5% rise in GDP. The second consecutive quarterly decline in production meets an unofficial threshold for stagnation but not the criteria on which the National Bureau of Economic Research relies.

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