U.S. ECONOMY SHRANK FOR 2ND STRAIGHT QUARTER

Jul 28, 2022

By Angus Gillespie

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There are growing concerns that the U.S. may already be in the early stages of a recession after statistics revealed the American economy shrank for the second consecutive quarter.

From April through June, the economy U.S. contracted 0.9%, indicating a recession could be near… or possibly already here.

The decline in the quarterly gross domestic product followed a 1.6% annual drop from January through March.

On Wednesday, the Federal Reserve raised its benchmark interest rate by three-quarters of a point for a second straight time in an effort to cool inflation, which surged beyond 9% recently on an annual basis.

Meanwhile, the job vacancies for all sectors surpassed the 1 million mark in Canada in May, denoting a 43% rise over the same month in 2021.

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