Home Uncategorized US GDP drops 0.6% in Q2 yoy, final reading shows

US GDP drops 0.6% in Q2 yoy, final reading shows

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US GDP drops 0.6% in Q2 yoy, final reading shows

The Gross Domestic Product (GDP) of the United States fell by 0.6% on an annualized basis in the second quarter of 2022, according to the third and final reading of the data, published by the US Department of Commerce on Thursday (29).

The review confirmed estimate from about a month ago. As US GDP had already shrunk by 1.6% in the first quarter, the further fall between April and June means that the largest global economy has entered a “technical recession”.

The Commerce Department also reported that the Consumer Expenditure Price Index (PCE) advanced at an annualized rate of 7.3% in the second quarter, up from 7.1% in the previous calculation. The PCE core, which disregards food and energy prices, rose 4.7% in the same range, also above the previous reading of 4.4%.

The PCE is the Federal Reserve’s preferred measure of inflation, or Fed as the US central bank is known.

Source: CNN Brasil

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