fbpx
FedEx Establishes Direct Presence in Nigeria to Support Customers with International TradeRead more Open Society Foundations (OSF) Award $1.1 Million Grant to Afrobarometer to Spur Future GrowthRead more The annual Global Impact Conference 2022 brings together visionary business leaders to revolutionize educational systems and inspire collaborative actionRead more APO Group announces content partnership with Pan-African broadcaster VoxAfricaRead more MainOne, an Equinix Company’s MDXi Appolonia Achieves Tier III Constructed Facility certification (TCCF), Now Most Certified Data Center in GhanaRead more United Nations High Commissioner for Refugees (UNHCR) warns rising tide of hunger, insecurity, and underfunding worsening gender-based violence risksRead more The Royal Thai Embassy presents the cultures of Thailand at the Association of Southeast Asian Nations (ASEAN) Festival in KenyaRead more Climate change is the biggest global threat, young people in Africa and Europe tell European Investment Bank (EIB), Debating Africa and Debating EuropeRead more $2 million in prizes awarded at Conference of the Parties (COP27) to African youth-led businessesRead more Africa and Europe’s top business and public sector leaders gather to chart Africa’s economic rebirthRead more

US economy technically enters recession in spring, latest figure confirms

show caption
AFP Photo
Print Friendly and PDF

Sep 30, 2022 - 03:58 AM

ANKARA (AA) – The US economy technically entered a recession in spring, contracting an annualized 0.6% in Q2, following a 1.6% drop in Q1, official data showed on Thursday.

If an economy experiences two consecutive quarters of decline in the gross domestic product (GDP), it is considered a technical recession.

The Bureau of Economic Analysis’s third GDP estimate indicated an upward revision in consumer spending that was offset by a downward revision in exports, while imports were revised down.

“The decrease in real GDP reflected decreases in private inventory investment, residential fixed investment, federal government spending, and state and local government spending, that were partly offset by increases in exports and consumer spending,” the report said.

“Current‑dollar GDP increased 8.5% at an annual rate, or $508 billion, in the second quarter to a level of $25.25 trillion.”

The Federal Reserve Chair Jerome Powell previously said the American economy deals with an “unusual set of disruptions” after the central bank made a rate hike of 75 basis points for the third consecutive time.

Meanwhile, consumer inflation showed an annual increase of 8.3% in August, above the 8.1% market estimate, while it peaked at 9.1% in June.

MAORANDCITIES.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.