The Department of Commerce announced yesterday that US gross domestic product (GDP) decreased at an annualised rate of 0.9% in the second quarter of the year, after falling at an annualised rate of 1.6% in the first three months.
The news will be a major blow for the Biden administration as it prepares for a tough midterm election season. White House officials have tried to tamp down talk of a recession, arguing that many parts of the economy remain strong.
The decline stands in marked contrast to the robust 6.9% annualised increase in GDP recorded in the final quarter of 2021, when the economy roared back from Covid shutdowns. The fast pace of growth contributed to soaring inflation – now running at 40-year highs – and the Federal Reserve’s decision to sharply increase interest rates to bring down prices.
The changing economic environment was reflected in the GDP report. Consumer spending – the largest driver of the US economy – slowed over the quarter but remained positive, rising 1% on an annualised basis.
この記事は The Guardian の July 29, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は The Guardian の July 29, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Arsenal hold nerve and weather storm after Trossard pounces
The television cut-aways to the enclosure housing the Arsenal fans perfectly captured the anxiety. It was not supposed to be like this, not against this Manchester United. But the lesser spotted acceptable version of Erik ten Hag's team was on show, fighting for the badge, and Arsenal were made to suffer.
McCarthy's reactions keep West Brom at bay
\"Breaking down barriers since 1978\" was the message on the big screens in the seconds before kick-off, a nod to Laurie Cunningham, Brendon Batson and Cyrille Regis, a trio of West Bromwich Albion heroes credited with changing the face of the game.
Los Angeles earmarked for Derby after bringing dash of Hollywood to trial
The team of horses that will attempt to give Aidan O'Brien a record-extending 10th win in the Derby at Epsom next month signed up another new recruit here yesterday as Los Angeles, an imposing son of the yard's 2012 winner, Camelot, ground out a one-length success from stable-companion Euphoric in Leopardstown's Derby Trial to remain unbeaten after three career starts.
Djokovic to take medical tests for water bottle injury after defeat
A concerned Novak Djokovic says he will undergo extra medical tests in relation to being struck by a water bottle after crashing out in the third round of the Italian Open.
'Boxers must know the morality of supporting Saudi'
Five days before Fury v Usyk in Riyadh, exile Wajeeh Lion explains how Saudi Arabia's LGBTQ+ nationals live in fear
Banishing the bile Death threats, AI, prosecutions: how should we stop abuse of referees?
'Szymon Marciniak you son of a whore\". \"Don't come to Germany for your safety.\" \"How much money did you get?\" \"FUCK YOU MARCINIAK YOU DISGUSTING BASTARD #RMAFCB.\" This is a snapshot of X and Instagram after Bayern Munich crashed out of the Champions League last week.
Wellbeing deficit Covid hurt young people - and the economy is paying
From the outset it was obvious that the coronavirus pandemic would be brutal on the UK's young people. Just how brutal has only become apparent over time.
Abbey bought to be altruism retreat put on sale for £15m
A mansion pitched as the place for the world's leading scientists and philosophers to figure out how effective altruism and artificial intelligence could make the world a better place has been put up for sale for £15m.
Ukrainian forces 'on back foot' in Kharkiv, commander admits
Ukraine's top military commander admitted yesterday that the situation in Kharkiv was \"difficult\" as Russian forces continued an assault in the region and Moscow claimed to have captured several more villages.
Never Trump? The Republican moderates who still shun Biden
They have broken with Donald Trump. They have gone public with their concerns about the threat that he poses to democracy and the rule of law. But vote for Joe Biden? That is a bridge too far.
