U.S. real gross domestic product (GDP) decreased at an annual rate of 0.9% in the second quarter of 2022, according to Thursday data from the Bureau of Economic Analysis (BEA), underperforming the expectations of economists surveyed by Bloomberg that the economy would grow by a modest 0.4% in the second quarter. GDP fell by 1.6% in the first quarter, and many economists and commentators define a recession as two consecutive quarters of negative GDP growth.
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