Second consecutive quarter of contraction sparks concern amid global economic uncertainty
The US economy shrank by 0.9% between April and June, marking the second consecutive quarterly decline. Although the economy shows signs of a recession, it hasn’t yet been officially declared. Analysts had expected growth, but instead, economic indicators like weak investment and government spending drove the downturn. Despite this, consumer spending remained stable, and the job market is still strong. The US government’s recent clarification on recession definitions led to increased fears about further economic challenges, including skyrocketing inflation that’s contributing to a severe cost of living crisis.
